Hyperloop One Gets 'Virgin' Name Following Branson Investment

Other people have also worked on the concept as well, such as Elon Musk, who said he was given permission by the US government in July to proceed with plans to build a high-speed Hyperloop train from NY to Washington, D.C.

The customer experience of the pod is something that we definitely want to lean on Richard's and the Virgin Group's experience to create an experience when you walk into a hyperloop pod.

Richard Branson's Virgin Group has invested in Hyperloop One, a Los Angeles company that is developing a super-fast transport system and soon will change its name to Virgin Hyperloop One, the companies said Thursday.

Its tracks use magnetic levitation and the pod glides at airline speeds for long distances.

Richard Branson is jumping on the Hyperloop train, the transport concept which could reduce the time it takes to travel between London and Edinburgh to just 50 minutes.

Virgin apparently isn't the only one with an renewed interest in Hyperloop One since that test.

With Virgin Hyperloop One, passengers and cargo will be loaded into a pod and accelerate gradually via electric propulsion through a low-pressure tube.

The company adds that Virgin Hyperloop One will be an all-electric project that will operate in a manner that is responsible and sustainable, while still maintaining the latest engineering practices.

"Ever since our creation, Virgin has been known for disruption and investing in innovative companies". "We have always been passionate about innovation in transport too, especially the development of technology that could transform people's lives", the statement reads.

The amount of Virgin Group's investment was not disclosed.

Shervin Pishevar, an entrepreneur and venture capital investor who has backed Uber and Airbnb, is a co-founder.

Branson's subsidiary business Virgin Galatic is working to provide commercial flights in space.

Vanessa Coleman