The Virgin investment group has taken an undisclosed stake in Hyperloop One, one of several companies trying to create a pod-based transport system, BBC reports.
Virgin's founder, Sir Richard Branson, is joining the Los Angeles-based firm's board as part of the deal, and it is rebranding itself as Virgin Hyperloop One. Hyperloop One recently tested a prototype pod in the Nevada desert, which reached a speed of 310km/h (192mph) within a 500m (1,600ft) low air-pressured tube. Its eventual goal is to reach 1,046km/h (650mph). The firm says it is working on several projects to bring the technology to the Middle East, Europe, India, Canada and the US.