Posted by Megalith 10:40 AM (CDT)
Thursday October 12, 2017
Following an investment by billionaire British investor and entrepreneur Richard Branson, Hypleroop One is rebranding itself as Virgin Hyperloop One: the company’s focus is on a passenger and mixed-use cargo service. They raised $85 million in new funding last month, and that includes the investment from Virgin. Branson refused to provide numbers.
Breaking ground on a commercial hyperloop in two to four years is possible if "governments move quickly," Branson said in a "Squawk Box" interview. So far, no government has approved a plan for a hyperloop system. The Virgin founder also said that building a hyperloop tube above or below ground is "cheaper" and "faster" than a traditional rail network. "As a train owner, " Branson said, "I felt this is something that I want to be able to operate. At the moment our trains are limited to 125 miles an hour." His sprawling Virgin Group empire includes a train network in the U.K., as well as airlines and a business to take tourists into space.