As a result of not being awarded a contract to construct a functional hyperloop, high-speed freight transport business Hyperloop One will close, according to a Thursday Bloomberg News story citing people with knowledge of the situation.
According to the source, the Los Angeles-based company, which completed the first-ever passenger ride on a super high-speed levitating pod system in 2020, will dispose off its remaining assets and terminate the employment of its remaining staff on December 31 of this year.
There were no comments from Hyperloop One on the issue.
A trip between New York and Washington would only take 30 minutes in a hyperloop system, which uses magnetic levitation to provide nearly silent travel. This is twice as quick as a commercial jet flight and four times faster than a high-speed train.
In 2013, Elon Musk sparked renewed interest in the subject by outlining the operational principles of a contemporary hyperloop system. The Boring Company, his own tunnelling venture, aims to transport people in pods via the hyperloop, an interstate network of enormous, subterranean vacuum tubes.
In 2014, Hyperloop One was established and successfully secured over $400 million, primarily from British billionaire Richard Branson and the United Arab Emirates-based shipping company DP World.
(Source:www.moneycontrol.com)
According to the source, the Los Angeles-based company, which completed the first-ever passenger ride on a super high-speed levitating pod system in 2020, will dispose off its remaining assets and terminate the employment of its remaining staff on December 31 of this year.
There were no comments from Hyperloop One on the issue.
A trip between New York and Washington would only take 30 minutes in a hyperloop system, which uses magnetic levitation to provide nearly silent travel. This is twice as quick as a commercial jet flight and four times faster than a high-speed train.
In 2013, Elon Musk sparked renewed interest in the subject by outlining the operational principles of a contemporary hyperloop system. The Boring Company, his own tunnelling venture, aims to transport people in pods via the hyperloop, an interstate network of enormous, subterranean vacuum tubes.
In 2014, Hyperloop One was established and successfully secured over $400 million, primarily from British billionaire Richard Branson and the United Arab Emirates-based shipping company DP World.
(Source:www.moneycontrol.com)
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