Branson's in the 'loop: Virgin makes big bet on Hyperloop One

The vacation also marked Obama's return to his love of watersports activities he couldn't participate in while he served as president

The Virgin founder also noted his commitment to ensuring Hyperloop One remains all-electric, and "is a responsible and sustainable form of transport".

Virgin Group has invested in Hyperloop One and rebranded the company Virgin Hyperloop One.

Hyperloop One, the Los Angeles-based startup working on an ultrafast tube transportation system, is no more.

Hyperloop trains work by loading passengers and cargo on to a pod which is accelerated to speeds of nearly 700mph inside a sealed low-pressure tube using electric propulsion. He described the hyperloop concept as "a cross between a Concorde, a railgun and an air hockey table".

The startup had raised more than $200 million prior to Tuesday's announcement.

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Right now it appears that Hyperloop One's business will remain on track with the rebrand, and it's probably a good thing to have a close billionaire friend with a passion for future modes of transport when you're trying to build a brand new type of high-speed ground transit. Going forward, Hyperloop One will now be known as Virgin Hyperloop One.

The company has conducted two successful tests of its Hyperloop system on its 500-meter development track in Nevada.

The idea of a Hyperloop has been around for half a decade now.

"Virgin Hyperloop One are leading the way in these efforts", he continued, noting that the company is "working on exciting projects in the Middle East, Europe, India, Canada, and the USA".

Port colossus DP World Group of Dubai previous year invested in the concept, joining backers including French national rail company SNCF, US industrial conglomerate General Electric and Russian state fund RDIF. The lawsuit claimed Hyperloop One, Pishevar and other leaders mismanaged the company's money, hired family members, and threatened cofounder Brogan BamBrogan. Branson attended and said he saw "firsthand the exciting technology being tested". It is building a network for underground tunnels to enable much faster transport between cities.

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