The concept of high-speed hyperloop transit is becoming popular every day. This futuristic concept aims at transforming the way people travel. For instance, this concept could transport people between Los Angeles and San Francisco in just 30 minutes. The concept, on the other hand, has received a major boost from the chief executive of the Virgin Group Richard Branson. For starters, the Virgin Group is an international venture capital firm that is under the leadership of Richard Branson. The company announced yesterday that they would be investing in the Hyperloop One venture. Hyperloop One is currently based in Los Angeles where it has focused on developing transit technology since its establishment. The company has been in existence since 2014. However, there was confirmation from the Virgin Group’s communication officer Nick Fox that the company was not a majority shareholder. However, the communication director confirmed that Richard Branson had been allocated a seat on the board of the company. Nick Fox also confirmed that the decision to invest in the company was an idea of Richard Branson. The chief executive of Virgin Atlantic was intrigued by the technology of the company where he visited one of their test runs last year. The test was carried out in Las Vegas, Nevada. The new venture will be referred to as the Virgin Hyperloop One. However, all the parties involved confirmed that they would not be disclosing the size of the investment in the near future.
While talking over the phone, Nick Fox said that his boss was excited by the new concept. He further said that Richard Branson is a man who is always fascinated by the future of transport. He mentioned that this could be on land, sea or even space. It’s for this reason that the Virgin Atlantic boss has run and managed trains in the United Kingdom for the last 20 years. Virgin Atlantic Group is divided into two groups. There is the Virgin Trains and the Virgin Galactic. While Virgin Trains is concerned with railroad operation in the United Kingdom, Virgin Galactic operates commercial spaceflight obligations of the firm. With the Hyperloop One project, it’s not referred to as trains as it does not use tracks. Instead, the project uses the concept of magnetic levitation and also receives the help of electric propulsion. To make this possible, the technology employs lower pressure tubes. At the end of the day, the project produced a system can move people and goods at 670 miles per hour.