Virgin Hyperloop One sets speed record at Southern Nevada track

Courtesy of Hyperloop

Virgin Hyperloop One set a speed record on its test track just outside of Las Vegas, hitting 240 mph.

The company has the only full-scale hyperloop system in the world and achieved the speed during its third round of testing this year, eclipsing its previous record of 192 mph.

Tests are conducted on the company's 1,640-foot track at the Apex Industrial Park, where its first-generation pod, XP-1, glides above the track using magnetic levitation before braking and coming to a gradual stop.

Additionally, Virgin HyperLoop One named Richard Branson, founder of the Virgin Group, as chairman of Virgin Hyperloop One. The company is banking on Branson bringing his track record in delivering technology breakthroughs in transportation to the hyperloop realm.

Earlier this year, the Virgin Group invested in Hyperloop One, forming a global strategic partnership.

“I am excited by the latest developments at Virgin Hyperloop One and delighted to be its new chairman,” Branson said in a news release.

“The recent investment by our partners Caspian Venture Capital and DP World sets up the company to pursue opportunities in key markets in the Middle East, Europe, and Russia as it develops game-changing and innovative passenger and cargo ground transport systems,” Branson said.

Virgin Hyperloop One also raised an additional $50 million with investments from existing investors Caspian Venture Capital and DP World, bringing total financing raised by the company to $295 million since its founding in 2014.