One of the hyperloop startups once wanted to build a high-speed transportation system between Europe and China that has been around for a long time is closing down. Hyperloop One, which used to be supported by Richard Branson’s Virgin Group, will stop its operations on December 31, according to Bloomberg News.
This is the latest problem in the tech industry’s effort to make Elon Musk‘s idea from 2013 a reality. Hyperloop One has raised and spent a lot of money since it was founded in 2014.
Story of Hyperloop One
The original idea for the hyperloop seems like an impossible dream, to create long tubes with no air inside to transport people and things really fast. However, despite some demonstrations and test tracks, the idea hasn’t become a reality yet.
Hyperloop One went through various changes, including a legal dispute between its co-founders. After Richard Branson invested in 2017, the company adopted the name Virgin Hyperloop One. However, Branson’s criticism of Saudi Arabia in 2018, following the killing of Jamal Khashoggi, led to the Kingdom canceling a planned project with the startup. As a result, Branson resigned as chairman.
Dubai port operator DP World ended up having majority control of the startup. In early 2022, the company shifted its focus to cargo, reducing its staff by half and dropping the Virgin name. According to Bloomberg, DP World will acquire Hyperloop One’s intellectual property, while the remaining physical assets, such as a test track near Las Vegas and other equipment, will be sold.
In the pandemic, many big names in Hyperloop One left, and they changed their name by removing “Virgin” to focus on moving cargo instead of people. Right now, there are no working hyperloops anywhere in the world.
Elon Musk’s test tunnel in California is gone, and he’s more into controversial theories than solving traffic problems. The Boring Company, his tunneling project, is still working in Las Vegas, but they’re making tunnels for Teslas, not hyperloops. So, the future looks a lot like today.
Conclusion
Hyperloop One, once aiming to revolutionize travel between Europe and China, is shutting down. Supported by Richard Branson’s Virgin Group, it struggled to make Elon Musk’s 2013 hyperloop idea a reality. Despite hefty investments since 2014, the high-speed tube transport dream remains unfulfilled. The closure signifies a setback, leaving the future with abandoned projects and a shift toward traditional transportation solutions.
