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DP World provides new funding for Virgin Hyperloop One

20 December 2017

Hyperloop One, the high-speed transportation company that promises to fundamentally change public transportation, has named billionaire Virgin boss Richard Branson chairman.

A hyperloop is a sealed tube system created to allow people to travel at speeds of hundreds of miles per hour.

On December 18, Virgin Hyperloop One announced the completion of third phase testing on the DevLoop, the world's first full-scale hyperloop test site.

Earlier this year, the company announced that it plans to have working hyperloop systems deployed by 2021.

Ultra-low drag allows the pod to "glide at airline speeds for long distances", the company said.

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He assumes the leadership position on Virgin Hyperloop One's board as Shervin Pishevar stepped away from his company in the wake of allegations of sexual harassment and assault. The company is in the process of rebranding itself Virgin Hyperloop One.

"All components of the system were successfully tested including the airlock, highly efficient electric motor, advanced controls and power electronics, custom magnetic levitation and guidance, pod suspension, and the vacuum", the startup wrote in a press release.

In August, the company claimed that its prototype pod had logged 192mph on the test track. Caspian Venture Capital (founder and shareholder of Russia's Summa Group Ziyavudin Magomedov is co-owner of the venture fund) and one of the world's biggest port operators DP World have invested $50 mln in the Hyperloop high-speed train project, Summa Group reported Tuesday.

In a statement, Virgin Hyperloop One (as it is now called) said that the Series C funding was made by Caspian Venture Capital and DP World and brings its total investment since its founding in 2014 to just under $300m. Its routes could radically cut down on the time and costs for business and other travelers to get from city to city and country to country: For example, routes include 30 minutes from San Francisco to Los Angeles, 50 minutes from London to Edinburgh, eight minutes from Helsinki to Tallinn, and 55 minutes from Melbourne to Sydney, according to TechRepublic's Nick Heath.

Although still under development, hyperloop technology is earmarked for extensive use in the U.A.E.

DP World provides new funding for Virgin Hyperloop One