Virgin Hyperloop One has established a new record for hyperloop technology, appointed Richard Branson chairman, and secured $50 million in new funding.
The company’s latest test resulted in a Hyperloop pod covering its test track in Nevada at 240 mph, according to the company. Phase 3 of testing occurred at the first full-scale hyperloop test site, DevLoop.
A new airlock met expectations of the company in the test, and coupled with the electric motor whose efficiency Virgin Hyperloop One has vouched in the press release as “highly efficient,” the test reached the new record speed on Dec. 15.
The previous test generated a speed of 192 mph, although Virgin Hyperloop has not said what speed is needed before it begins a pilot launch in Dubai.
“The recent phase 3 testing continues to prove the incredible persistence and determination of our DevLoop team – the close to 200 engineers, machinists, welders, and fabricators who collaborated to make hyperloop a reality today,” said Josh Giegel, co-founder and CTO.
Current investors DP World and Caspian Venture Capital contributed to the $50 million investment and brings the company’s total investment to date to $295 million since inception in 2014.
“The recent investments by our partners Caspian Venture Capital and DP World sets up the company to pursue opportunities in key markets in the Middle East, Europe and Russia as it develops game-changing and innovative passenger and cargo ground transport systems,” said Branson.
The company’s decision to rebrand Virgin Hyperloop One came following an initial investment from Branson.
“This investment provides Virgin Hyperloop One with a very robust financial platform for 2018 ahead of our Series C round of fundraising. We are so proud to have investors who consistently step ip to support our comp any and our vision,” said Virgin Hyperloop One’s CEO Rob Lloyd. “We continue to see extremely strong interest from world leaders globally looking to embrace hyperloop to address critical infrastructure challenges. Our focus in 2018 will be on accelerating commercial agreements for both passenger and cargo projects.”
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