Hyperloop One, the Los Angeles-based startup working on an ultrafast tube transportation system, is no more.
Richard Branson's Virgin Group announced Thursday it is investing in Hyperloop One in a strategic partnership aimed at establishing new passenger and cargo transport services for the superfast rail concept.
Hyperloop One is headed by Shervin Pishevar, a Silicon Valley venture capitalist best known as an early investor in Uber.
Devastation of California's raging wildfires laid bare in drone footage (PHOTOS, VIDEO)
About 1,500 homes and commercial buildings have been destroyed, Ken Pimlott, director of CalFire , told a news conference. US President Donald Trump has also approved a disaster declaration, allowing federal emergency aid to be disbursed.
The technology for Hyperloop One is now in the early stages of the commercialisation phase after the successful completion of the world's first full scale hyperloop systems test at the DevLoop site outside Las Vegas.
So Hyperloop One may be the furthest along in developing the futuristic transportation network, but it still has a long way to go. Both have abandoned some of Musk's initial concepts, such as the proposed route and cost estimates, but kept the core technological proposal intact.
Last month, Hyperloop One raised $85 million in new funding, bringing the total financing raised to $245 million since it was founded in 2014.
Southwest Airlines makes it official: Hawaii service on the way
So that leads to lows costs so we have lower than our competitors so we'll be able to bring lower ticket prices". Watterson said Southwest has been waiting for delivery of the 737 Max 8 to deploy it on routes to Hawaii.
Musk's hyperloop involvement is for now limited to potentially building the tunnels with his latest startup - The Boring Company.
Speaking in July, after the completion of one of Hyperloop One's technology tests, Philippa Oldham, head of transport and manufacturing at the Institution of Mechanical Engineers said "As an engineer, there still seems to be some gaps in the information regarding the risks and safety of the system itself".
She added: "As the distance of the trials increase there will be many engineering problems to solve including that of managing track alignment".
High Court rules in favour of Apple's plan for Athenry data centre
The case will return to the courts on Monday, where it will be decided whether or not a further appeal can be made against Apple. Ireland's worldwide business reputation has been damaged by delays to the Apple data centre in Athenry, according to IBEC.