British billionaire Richard Branson’s Virgin Group has invested in the Hyperloop One rapid-transit venture, which will soon be rebranded as Virgin Hyperloop One, the company announced today.
The arrangement was described as a global strategic partnership rather than an acquisition.
“For more than 20 years, Richard and Virgin have been at the forefront of transportation innovation, and a partnership with them feels like a natural fit,” Shervin Pishevar, co-founder and executive chairman of Hyperloop One, said in a news release. “Virgin is an iconic brand, and having Richard as an ally will help strengthen our mission to spread Hyperloop One throughout the world.”
In a Virgin.com blog posting, Branson said Hyperloop One was “just the latest example” of Virgin’s passion for innovation.