Hyperloop One Received Investment From Virgin Group

Hyperloop was envisioned to revolutionize future land-based transportation. However, recent developments have cast a shadow of doubt on whether this technology will ever come to fruition. One of the most high-profile companies leading the development of this futuristic land transportation, Hyperloop One, is officially shuttering its operations – for good this time.

The company has been known as Hyperloop One since last year, not Virgin Hyperloop after the British company had quietly pulled its branding. The company was founded in 2014 with the vision of building a high-speed freight link between Europe and China, is shutting down. Despite initial plans to transport cargo and passengers in high-speed pods through metal tubes, financial troubles and a lack of contracts have led to its closure.

After refocusing solely on cargo and losing Virgin Group’s branding, the company laid off over 100 staff members last year. Most remaining employees have been let go, with the final ones overseeing the sale of assets, including machinery and test tracks, until the end of December.

To our knowledge, other companies are still working on this transportation technology. That said, it is not all doom and gloom for the Hyperloop development. It was reported that China has successfully tested the tech and plans to implement its first Hyperloop between Shanghai and Hangzhou. China is leveraging its maglev technology and marrying it with Hyperloop’s vacuum tube to achieve speeds up to 1,000 km/h (621 mph), or Mach 0.8 which is faster than a typical passenger jet.

via Engadget.