Hyperloop One shuts down
Posted: 24. Dec 2023, 12:41
Hyperloop One shuts down
Source: Imran Rahman-Jones - BBC News quoted by: Yahoo News https://au.news.yahoo.com/high-speed-tr ... 58138.html Accessed 2023-12-24The company which became well known for its idea of shooting people hundreds of miles an hour through a vacuum has shut down.
The aim of Hyperloop One [...] was to dramatically cut journey times. It has previously received backing from Virgin founder Richard Branson, but he pulled out last year.
The firm will lay off its remaining staff by the end of the year, according to Bloomberg.
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However, while Hyperloop One did build some prototypes in the Nevada desert, the project stalled with some experts expressing doubts about its engineering challenges.
It would have required the construction of giant tubes across the countryside and within towns.
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A trial of the system took place with two company employees in 2020 - the first successful passenger ride using hyperloop technology.
The pod reached a top speed of 107mph (172km/h) on the 546yds (500m) test run.
But the company announced a change in strategy in 2022, saying it would focus on transporting cargo instead of people.
That change also came with an announcement of over 100 job losses, and was followed by more job cuts later in the year.
By the end of the year, it was reported that Richard Branson, who had been company chairman, was pulling out and the company lost the endorsement of Virgin.
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DP World, the Dubai-based company which owns a majority stake in Hyperloop One, has been contacted for comment.