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Virgin Hyperloop One Raises $50m and Names Branson Chair

In October, we wrote about Sir Richard Branson’s Virgin Group has invested an undisclosed amount in Hyperloop One, the frontrunner of a number of companies competing to bring Elon Musk’s futuristic vision of a magnetically-propelled high-speed transport system to life. Now, however, it is confirmed that the company got a lifeline in the form of $50m from Russian and Dubai investors. “This investment provides Virgin Hyperloop One with a very robust financial platform for 2018,” chief executive Rob Lloyd said in a statement. “Our focus in 2018 will be on accelerating commercial agreements for both passenger and cargo projects.” The Los Angeles-based start-up also named investor Richard Branson

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