"After visiting Hyperloop One's test site in Nevada and meeting its leadership team this past summer, I am convinced this groundbreaking technology will change transportation as we know it and dramatically cut journey times", Branson said in a statement.
Branson, a British billionaire with investments in retail, music and airlines, said he believes in the new system, which aims to deliver transport at near-supersonic speeds in sealed tubes.
The pod floats above the surface of the tube using electromagnets and is gradually accelerated to speeds typically reached by an airliner. This is just the latest example.
An important point about Virgin Hyperloop One is that it will be all-electric and will be built as a sustainable form of transport.
Hyperloop One is one of a handful of firms developing technologies whereby passengers and cargo would be loaded into pods that travel at high speeds through low-friction tubes above or below ground. Hyperloop Texas' proposed "Texas Triangle" route to connect Dallas, Austin, San Antonio and Houston with a freight route to Laredo was one of 10 selected by Hyperloop One in September as part of its Global Challenge.
The technology is going through trials on a 500-metre test track and the company, now known as Virgin Hyperloop One, hopes to make it commercially viable.
Virgin Group announced Thursday that it has invested in Hyperloop One, a startup that's working on constructing the high-speed transit system Elon Musk first outlined in a white paper in 2013. "And then you can turn that port area into flats and houses".
The customer experience of the pod is something that we definitely want to lean on Richard's and the Virgin Group's experience to create an experience when you walk into a hyperloop pod.
Trump to sign health care executive order Thursday
Crucially, these off-market plans would open the door for people with pre-existing health conditions to be charged higher rates. The White House says Trump will sign the order at 11:15 Thursday morning in the Roosevelt Room at the White House.
Man files lawsuit against Chicago Cubs after foul ball injury
While the Chicago Cubs are facing the Washington Nationals in the playoffs, they reportedly are also facing a lawsuit from a fan. Loos has filed a lawsuit against the Chicago Cubs and Major League Baseball for fifty thousand dollars in damages.
Lufthansa has bought a large chunk of Air Berlin
News of the deal pushed Lufthansa shares up more than 3 percent to their highest level in almost 17 years. Air Berlin previously said others, such as Thomas Cook's Condor, could pick up some parts of the business.