"Importantly, Virgin Hyperloop One will be all-electric and the team is working on ensuing it is a responsible and sustainable form of transport too".
Richard Branson, the billionaire behind the Virgin brand, has reportedly invested an undisclosed sum in Elon Musk's barmy Hyperloop supersonic tube train project, seemingly competing with the billionaire ideas man's own firm.
Virgin Galactic is Branson's space company, which in 2016, was granted an operating license to fly its passenger rocketship with the world's first paying space tourists once final safety tests are completed.More news: Hurricane Ophelia is headed toward Europe
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The company has conducted two successful tests of its Hyperloop system on its 500 metre development track in Nevada.
After passengers and cargo are loaded into a pod, Hyperloop One's system accelerates gradually via electric propulsion through a low-pressure tube. The lawsuit claimed Hyperloop One, Pishevar and other leaders mismanaged the company's money, hired family members, and threatened cofounder Brogan BamBrogan. The pod would then quickly be lifted above the track using magnetic levitation and glide at airline speeds.
Hyperloop One is the only company in the world that has built a fully operational Hyperloop system.
"But this deal will certainly help in terms of marketing and potentially attract further investors to come into the operation", he said.
The amount Virgin has invested has not been disclosed, though the startup is believed to have raised more than $226 million since its founding in 2014, according to Crunchbase. Hyperloop One stages the first public demonstration of a key component of the startup's futuristic rail transit concept that could one day ferry passengers at near supersonic speeds.