The parent company of Virgin Atlantic Cargo has rebranded the futuristic technology known as Hyperloop One into Virgin Hyperloop One and is planning for a fully-functioning cargo and passenger transport system by 2021.
The Hyperloop One will allow for cargo and passengers to travel by “train” at a fraction of the time normally spent in most transportation modes.
Virgin Group has invested in Hyperloop One, the world’s fastest train service for cargo and passengers, and renamed the company Virgin Hyperloop One.
Executives at the rebranded company would not reveal the size of the investment. But the funding came during the company’s last investment round, which closed in September and raised $85 million. In total, Hyperloop One has raised $245 million since 2014.
Virgin Hyperloop One functions via electric propulsion through a low pressure tube, allowing cargo and passengers, loaded in pods, to lift about the track using magnetic levitation and extremely fast speeds.
“Virgin Hyperloop One will be all-electric and the team is working on ensuing it is a responsible and sustainable form of transport too,” said CEO Richard Branson. “Hyperloop technology has been explicitly open-sourced and others have been encouraged to take the ideas and further develop them. Virgin Hyperloop One are leading the way in these efforts and are working on exciting projects in the Middle East, Europe, India, Canada, and the US.”
According to Branson, the technology for Hyperloop One is currently in the early stages of the commercialization phase after the successful completion of the world’s first full scale hyperloop systems test at their DevLoop site outside Las Vegas. “During phase two of testing, the duration of the longest test was 10.6 seconds, with the top speed of 192mp,” said Branson. “The maximum distance traveled is 436 meters, with a peak acceleration of 1.48 Gs – equal to 0 to 60mph in 1.85 seconds,” he said. As a result, projected journey times in the UK include Edinburgh to London in 50 minutes, said Branson.
A target date for a fully-functioning system is 2021, though with the Virgin Hyperloop One still in the development stage, the date could change.
Virgin Group companies include Virgin Atlantic Cargo, an airfreight carrier, Virgin Trains, a railroad operator in Britain, and Virgin Galactic, which is dedicated to commercial spaceflight.