Virgin Hyperloop Appoints Richard Branson as Chairman, Lands More Funding

Virgin Hyperloop One (VH1) has named Richard Branson the company’s non-executive chairman, two months after the billionaire made an unspecified investment in the company and was appointed to the board.

The Los Angeles-based startup (formerly Hyperloop One) also has received an additional $50 million of funding from current investors Caspian Venture Capital and DP World. This bumps VH1’s funding total to $295 million since the company was founded in 2014.

VH1 plans to use the new investments to further develop and test its technology, and to pursue commercial agreements for passenger and cargo projects in Europe, the Middle East and Russia. Another round of funding is expected to be completed early next year.

The company completed the third phase of testing at its DevLoop site in the Nevada desert last week. During the test, VH1’s 28-ft pod reached a top speed of nearly 200 kph (240 mph), traveling above a track using magnetic levitation.

The tests included a new airlock that helps transition test pods between atmospheric and vacuum conditions. The tube was depressurized to the equivalent pressure experienced at 200,000 ft. above sea level, according to VH1.