Virgin Hyperloop One reaches 240 miles per hour at track near North Las Vegas

Hyperloop achieved a speed test record of 240 miles per hour during its third phase of testing.                  Virgin Hyperloop One

Hyperloop achieved a speed test record of 240 miles per hour during its third phase of testing. Virgin Hyperloop One

The company develops super high-speed transportation systems which are expected to cut travel time between NY and Washington to about half an hour.

DP Worlds' plans are potentially only the tip of the iceberg-the also in the running to get the world's first completed hyperloop system. These two companies are based in Russian Federation and Dubai, respectively, with Virgin Hyperloop One starting off on its capital and running out, with 300 employees at risk of losing their jobs if more funding wasn't secured.

Virgin Hyperloop One logged 240mph with this prototype pod in December. "All components of the system were successfully tested including the airlock, highly efficient electric motor, advanced controls and power electronics, custom magnetic levitation and guidance, pod suspension, and the vacuum".

Virgin Hyperloop One concurrently announced a new investment of $50 million, ahead of its official series-C fundraising, from two existing foreign investors and, as an uncommon practice, agreed to share a portion of future profit. By its second trial in August, it had hit 192 miles per hour.

Hyperloop intends to use these new funds, given by existing backers Caspian Venture Capital and DP World, to set itself up in new markets in Europe, the Middle East and Russian Federation. Electricity-powered magnetic levitation lifts the pod above the track, and it can easily glide with little air resistance and using less energy, according to a press release.

"The recent phase three testing continues to prove the incredible persistence and determination of our DevLoop team - the close to 200 engineers, machinists, welders, and fabricators who collaborated to make hyperloop a reality today".

DP World, the world's fourth largest ports operator, has participated in the latest $50 million funding round for Virgin Hyperloop One, the futuristic transportation company, which appointed Virgin Group founder Richard Branson as its new chairman. Hyperloop trains are expected to be used for cargo transport before moving passengers.

Virgin Hyperloop One is one of a handful of firms developing technologies in which passengers and cargo can be loaded into pods that travel at high speeds through low-friction tubes above or below ground.

Hyperloop One, the high-speed transportation company that promises to fundamentally change public transportation, has named billionaire Virgin boss Richard Branson chairman.

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