A couple weeks ago, we told you the company born of Elon Musk’s vision for super speedy transport using pods scored $85 million in new investment. Now comes news another famous entrepreneur, Richard Branson, backs the company.
In fact, Branson likes the company so much he’s given it his official stamp of approval. It’s now Virgin Hyperloop One. Branson also invested an undisclosed amount and will serve on the Virgin Hyperloop One Board.
Hyperloop One marks another area of competition between the British billionaire and the Tesla Motors and SpaceX boss. Already, a space race is on between the two. Branson’s Virgin Galactic aims to become the first passenger shuttle to space, while Musk’s SpaceX designs rockets for NASA and shoots for Mars.
Whether it’s the space race or the future of high-speed underground travel, Branson and Musk are charting parallel paths into these speculative technologies. Branson’s Virgin Galactic claims to be the world’s first commercial spaceline, while Musk’s SpaceX is already designing and launching rockets and spacecraft for NASA.
Musk came up with the proposal for high-speed magnetic levitation pods moving at high speeds. At the time, he said he didn’t have time to pursue the idea and invited others to take it on. He has since formed The Boring Company to develop a Hyperloop, and hopes to build such a system between New York and Washington.
Branson, in a statement on his website, says:
You may first have heard of the original hyperloop name through Elon Musk and SpaceX’s white paper back in August 2013. 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 U.S.