Sir Richard Branson is leading a £65 million ($85 million) investment in a Hyperloop firm which he claims will transport passengers between London and Scotland in 50 minutes.
The billionaire’s Virgin Group has formed a partnership with Los Angeles-based Hyperloop One, which is developing a method of propelling passengers and freight in pods through low pressure tubes at high speed.
Virgin described it as ‘the world’s most revolutionary train service’.
The company will be rebranded as Virgin Hyperloop One and Sir Richard will join the board of directors.
It is aiming to achieve speeds of up to 670mph (1,000 kph) and have ‘operational systems’ ready by 2021.
Sir Richard Branson has invested in a Hyperloop firm which he claims will transport passengers between London and Scotland in 50 minutes
Sir Richard Branson’s Virgin Group has formed a partnership with Los Angeles-based Hyperloop One, which is developing a method of propelling passengers and freight in pods through low pressure tubes at high speed
The full amount invested by Virgin has not been disclosed.
Hyperloop is a proposed method of travel that would transport people at rapid speeds between distant locations.
The idea was first launched by Tesla boss Elon Musk in August 2013.
He is not associated with Hyperloop One, but has urged interested parties to develop the technology.
Sir Richard said: ‘After visiting Hyperloop One’s test site in Nevada and meeting its leadership team this past summer, I am convinced this groundbreaking technology will change transportation as we know it and dramatically cut journey times.
‘Virgin has been known for investing in and creating innovative companies over the years, and I look forward to making history together as we bring Hyperloop to the world as Virgin Hyperloop One.’
Sir Richard, who is currently developing commercial space travel through Virgin Galactic, went on: ‘Virgin Hyperloop will be able to transport people from London to Scotland in 50 minutes.
Sir Richard said: ‘The total ‘DevLoop’ tube length is 500 metres and the tube’s diameter is 3.3 metres. The maximum length of propulsion segment used is 300 metres, with an advanced proprietary levitation system throughout the DevLoop Tube’
Hyperloop is a proposed method of travel that would transport people at roughly 700miles/hour (1,120kph) between distant locations
In the system, passengers and cargo will be loaded into a pod, and accelerated gradually via electric propulsion through a low-pressure tube
‘I have a funny feeling that I’ll get a lot of satisfaction from people saying it’s transformed their lives.’
Sir Richard told CNBC people could see a Hyperloop developed in the US in the next two to four years.
Shervin Pishevar, co-founder and executive chairman of Hyperloop One, said the partnership ‘feels like a natural fit.’
‘Virgin is an iconic brand and having Richard as an ally will help strengthen our mission to spread Hyperloop One throughout the world,’ Mr Pishevar said in a statement.
The Hyperloop system was originally proposed by billionaire PayPal founder Elon Musk, who at the time said he did not intend to build one himself. It works via a partial-vacuum tube that levitates pods for minimum friction, allowing passenger to travel at high speed
The idea was first launched by Tesla boss Elon Musk in August 2013. He is not associated with Hyperloop One but has urged interested parties to develop the technology
Trains between London and Edinburgh currently take around four hours and 20 minutes, with flights lasting one hour and 20 minutes.
Hyperloop One is in the early stages of making the technology commercially viable after completing a full-scale test in Las Vegas.
In the system, passengers and cargo will be loaded into a pod, and accelerated gradually via electric propulsion through a low-pressure tube.
In the system, passengers and cargo will be loaded into a pod, and accelerated gradually via electric propulsion through a low-pressure tube
The pod quickly lifts above the track using magnetic levitation and glides at airline speeds for long distances due to ultra-low aerodynamic drag
The pod quickly lifts above the track using magnetic levitation and glides at airline speeds for long distances due to ultra-low aerodynamic drag.
During its second phase of testing, Hyperloop was able to reach speeds of 192 miles/hour (310 kilometres/hour) – although it was only able to maintain this for 10.6 seconds.
Projected journey times in the final system are expected to include Edinburgh to London in 50 minutes, and LA to San Francisco in 30 minutes.
During its second phase of testing, Hyperloop was able to reach speeds of 192 miles/hour (310 kilometres/hour) – although it was only able to maintain this for 10.6 seconds
The technology is currently being tested at the DevLoop site, just outside Las Vegas.
Sir Richard said: ‘The total ‘DevLoop’ tube length is 500 metres and the tube’s diameter is 3.3 metres.
‘The maximum length of propulsion segment used is 300 metres, with an advanced proprietary levitation system throughout the DevLoop Tube.’
Hyperloop One, which has previously raised more than $160 million (£120 million) in investments.
Projected journey times in the final system are expected to include Edinburgh to London in 50 minutes, and LA to San Francisco in 30 minutes
Port colossus DP World Group of Dubai last year invested in the concept, joining backers including French national rail company SNCF, US industrial conglomerate General Electric and Russian state fund RDIF.
Musk’s Hyperloop involvement is for now limited to potentially building the tunnels with his latest startup – The Boring Company.
Several companies are now exploring the market, including Northeast Maglev, Hyperloop One and Hyperloop Transportation Technologies.
Last month, Hyperloop One revealed the winners of its year-long search to find the 10 most promising Hyperloop routes worldwide.