American company Hyperloop One, which plans to build underground high-speed lines to transport people and goods, is closing. This was reported by oppression Bloomberg quotes his own sources.
The company has laid off most of its employees and is trying to sell its remaining assets, including a test site near Las Vegas, journalists have learned.
At the beginning of 2022, Hyperloop One employed more than 200 people. The company also closed its Los Angeles office. The remaining employees assigned to oversee the asset sale were told their jobs would end on December 31. The remaining intellectual property of the venture will be transferred to Dubai-based conglomerate DP World.
Hyperloop One was founded in 2014 and has attracted more than $450 million in investment since its inception. The organization planned to develop a new type of transportation system to compete with billionaire Elon Musk’s similar project.
The company existed for a while under billionaire Richard Branson’s Virgin Corporation brand, but in 2022 Hyperloop One decided to return to its old name and focus on cargo transportation.
The essence of the Hyperloop is the construction of transport capsules or underground vacuum tunnels in which entire trains move. The expected transportation speed within the system may exceed 1,100 kilometers per hour.
happened before known It’s about the risk of Elon Musk’s Hyperloop project closing down due to lack of money.