Richard Branson's Virgin Group is investing in Hyperloop One, the first company to successfully build a prototype of the futuristic transport system.
The company will rebrand as Virgin Hyperloop One and Sir Richard will join the Los Angeles-based firm's board as part of the investment, worth an undisclosed amount.
"This is an incredibly innovative and exciting new way to move people and things at airline speeds on the ground," Branson wrote in a Virgin blog post. "We’re incredibly excited about the technology behind Virgin Hyperloop One and the way it could transform passengers’ lives."
The levitating, pod-based form of transport was suggested by Elon Musk in 2013, and Hyperloop One achieved speeds of 310km/h in a July test.
At the theoretical top speed of 1,200km/h, passengers could potentially travel between London and Edinburgh in just 35 minutes through tunnels with very low air pressure.
Content published by Professional Engineering does not necessarily represent the views of the Institution of Mechanical Engineers.
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