Virgin Hyperloop One names Richard Branson as Chairman

Virgin Hyperloop One has announced the appointment of Richard Branson, the Founder of the Virgin Group, as its new Chairman.

Previously, Hyperloop One both announced that it would rebrand to Virgin Hyperloop One and appoint Richard Branson to its Board of Directors following an undisclosed investment from the billionaire back in October.

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“I am excited by the latest developments at Virgin Hyperloop One and delighted to be its new Chairman,” said Richard Branson, Founder of the Virgin Group and now Chairman of Virgin Hyperloop One.

Additionally, Virgin Hyperloop One also revealed that it has secured a further $50mn in funding from Caspian Venture Capital and DP World, bringing the total financing raised by the company to $295mn since its founding in 2014.

“This investment provides Virgin Hyperloop One with a very robust financial platform for 2018 ahead of our Series C round of fundraising. We are so proud to have investors who consistently step-up to support our company and our vision,” said Virgin Hyperloop One’s CEO Rob Lloyd.

“We continue to see extremely strong interest from world leaders globally looking to embrace hyperloop to address critical infrastructure challenges. Our focus in 2018 will be on accelerating commercial agreements for both passenger and cargo projects.”

The announcements come at the same time as the futuristic transport technology setting a new record, having achieved speeds of 387km/h.