Hyperloop One gets Richard Branson on board

Hyperloop One gets Richard Branson on board

Los-Angeles-based company, Hyperloop One said billionaire Richard Branson's Virgin Group has invested in the company to form a strategic partnership.

FILE PHOTO - Virgin Group founder Richard Branson speaks at a press event in Sydney, September 9, 2015. REUTERS/Jason Reed/File Photo

REUTERS: Los-Angeles-based company, Hyperloop One said billionaire Richard Branson's Virgin Group has invested in the company to form a strategic partnership.

Branson joined the board of Hyperloop One and the company would rebrand itself as Virgin Hyperloop One in the coming months, Hyperloop said in a statement on Thursday.

The size of the investment was not disclosed.

Hyperloop One, the concept of which originated in a paper by Tesla Inc's Elon Musk, is developing a futuristic high-speed transport system.

Virgin Group did not immediately respond to a request for comment.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)

Source: Reuters