Richard Branson Partners with Elon Musk, Promises London to Scotland in 45 Minutes
British billionaire Richard Branson on Thursday placed another bet on the future with an investment in Hyperloop One, which is developing super high-speed transportation systems.
Hyperloop One said Branson's Virgin Group would take the company global and rebrand itself as Virgin Hyperloop One in the near future.
Branson has joined the board of Hyperloop One, which will develop pods that will transport passenger and mixed-use cargo at speeds of 250 miles per hour (402 km per hour).
The pod lifts above a track using magnetic levitation and glides at airline speeds for long distances due to low aerodynamic drag.
The company did not disclose the size of the investment.
Hyperloop One was originally conceptualized by Elon Musk. In July, Musk said he had received verbal approval to start building the systems that would link New York and Washington, cutting travel time to about half an hour.