Virgin Hyperloop One names Richard Branson Chairman, raises $50 million

20 December, 2017, 00:44 | Author: Regina Lloyd
  • Hyperloop One prototype

It was also revealed that the company has had an additional $50m in new finance poured into its coffers, making a total of $295m (£220.6m) in investment since the project's founding in 2014. Under the terms of the funding, Virgin Hyperloop One will allocate 3.5 percent of revenue from each of its first three contracts to DP World and Caspian Venture Capital for their "support" and "in promoting the company's business". Definers recently filed a motion to have the, contending that its files show no evidence to any work related to the investor.

During these tests, the system clocked a lightning-fast speed of almost 387 kmh (240 mph), breaking the 355 kmh (220 mph) hyperloop speed record set by Elon Musk's hyperloop in August.

"I am excited by the latest developments at Virgin Hyperloop One and delighted to be its new Chairman", said Richard Branson, founder of the Virgin Group and Chairman of Virgin Hyperloop One.

Virgin Hyperloop One has not conducted a public test at its site since May 2016. DP World's CEO Sultan Ahmed bin Sulayem also holds a board seat in the startup.

The company says the technology will allow train travel between NY and Washington in less than 30 minutes.

Virgin Hyperloop One named Branson chairman and announced that it raised another $50 million.

Richard Branson and Elon Musk
Richard Branson and Elon Musk

Hyperloop One rebranded as Virgin Hyperloop One in October after Virgin Group invested in the firm and Branson joined its board of directors. "Our focus in 2018 will be on accelerating commercial agreements for both passenger and cargo projects", said Virgin Hyperloop One CEO Rob Lloyd. All components of the system were tested including the airlock, highly efficient electric motor, advanced controls and power electronics, custom magnetic levitation and guidance, pod suspension, and the vacuum.

Shervin Pishevar, was one of the founders of Hyperloop One and its co-executive chairman, but took a leave of absence from the company as well as his own venture capital firm in the wake of sexual harassment allegations.

The test was performed in a complete hyperloop system with a working pod and the tube depressurized down to "the equivalent air pressure experienced at 200,000 feet above sea level".

In the previous phase of testing, they had achieved a top speed of 192 mph (310 km an hour). Electricity-powered magnetic levitation lifts the pod above the track, and it can easily glide with little air resistance and using less energy, according to a press release.

Such a system could go between Seattle and Portland in 20 minutes, or between the San Francisco Bay Area and Los Angeles in a little more than half an hour.

Hyperloops are still years or decades from ever transporting their first passengers, but that doesn't mean a few companies aren't still working on improving the design.




Recommended:



Popular

National Hockey League rumors: Islanders to find out Belmont arena fate Wednesday
The Islanders have been clear in their preference to construct a new arena on a site at Belmont Park . However, the Islanders' situation was seemingly more dire than NYCFC's.

Selena Gomez's mother posts tribute to daughter she miscarried
When asked by Billboard magazine at the end of November what brought Justin back into her life, Selena replied: "I'm 25". She added, "A moms love for their children is pretty fierce".

United States vetoes UN draft rejecting Trump Jerusalem move
The Palestinian people's heritage was intimately interwoven with that of the city and East Jerusalem was the capital of Palestine.

Danica Patrick, Ricky Stenhouse Jr. end relationship after 5 years
TMZ reports that Patrick said in July she "was ready yesterday" to be engaged, but that Stenhouse Jr. had not proposed yet. The Associated Press first reported the news .

Gas prices drop 4 cents to $2.52 a gallon in Rhode Island
AAA Northeast says its weekly survey on Monday found that the price of regular unleaded gas fell to an average $2.52 per gallon. The U.S. average is almost 20 cents higher than this time a year ago .

Deadly Amtrak train crash, what we know so far (PHOTOS, VIDEOS)
The multi-year, state-led project cost $181 million, a released from Amtrak stated. Conductor: "I'm still figuring that out".

Trump, Putin talk North Korea in phone call
Trump also used the call to thank Putin for "acknowledging America's strong economic performance in his annual press conference". Like Putin, Trump has vehemently denied all allegations of collusion, oftentimes characterizing them as "fake news".

Central Intelligence Agency helped Russian Federation halt terrorist attack
Russian officials say Putin believes Trump is not to blame for the tensions. The following content is sourced from external partners. Putin of Russia called President Donald J.

Haley Presents Evidence Proving Iran Is Violating Int'l Law
Iran is sowing "conflict and extremism", the United States ambassador to the UN Nikki Haley said. All are proof that Iran is defying the global community.

Earthquake Kills Two on Java, Tsunami Warning Lifted
Indonesia is located in the so-called Pacific Ring of Fire, where earthquakes and volcanic eruptions frequently occur. He added that more than 40 houses collapsed and about 65 suffered severe damage.