This investment brings the total financing raised by Virgin Hyperloop One, the creator of a full-scale hyperloop system, to $295 mln since its founding in 2014.
In the latest display of the U.A.E.'s interest in hyperloop technology, Dubai-based port operator DP World has once again invested into USA -based startup Virgin Hyperloop One, this time as part of a $50 million round alongside Cyprus-based Caspian Venture Capital. They settled the suit that November, but BamBrogan launched a competing hyperloop company.
Other competing companies have since cropped up, including one backed by Elon Musk, who originally conceived of the mode of transportation. Pishevar denied all the allegations, took a leave of absence from Virgin Hyperloop One this month and stepped down from his venture capital firm.
"I am excited by the latest developments at Virgin Hyperloop One and delighted to be its new chairman", said Branson, founder of the Virgin Group and chairman of Virgin Hyperloop One.
In early 2017, Virgin Hyperloop One signed an agreement with Dubai's Road and Transport Authority (RTA) to explore the possibility of connecting Dubai and Abu Dhabi via hyperloop, which would allow for travel between the two Emirates in only 12 minutes-a distance of more than 100 kilometers.More news: Facebook says number of government data requests up considerably
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The company says the technology will allow train travel between NY and Washington in less than 30 minutes.
Virgin Hyperloop One, a startup trying to develop a futuristic, tube-based transportation system, said billionaire entrepreneur Richard Branson has been named as its chairman as it raised new funding, including $25 million from Dubai's DP World. Virgin Hyperloop One is also naming Richard Branson as chairman, said the person, who asked not to be identified because the details are private.
The new test run was completed on December 15 alongside tests of a range of new components, including a new airlock systems that help it achieve air pressure equivalent to 200,000 feet above sea level.
The Hyperloop achieved a speed of 240mph in its testing facility in Nevada. 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. Hyperloop One said in the past that it was adopting best safety practices from around the world, including taking an overall systems approach to safety in the system design.