Virgin Hyperloop One sets a speed record in testing captured on video

Los Angeles-based Hyperloop One completed the third phase of testing for the world's first working Hyperloop prototype reaching 240 mph the company announced Monday

Bloomberg reported that Virgin Hyperloop One was running low on cash, despite raising $295m since its founding in 2014.

Virgin Hyperloop One just hit a new speed record Monday of 387 kilometers (240 miles) per hour at its test site in Las Vegas, beating the last publicly known record of 220 miles per hour set by a team from the Technical University of Munich, during Elon Musk's hyper loop competition in August.

The new test run was completed on December 15 alongside tests of a range of new components, including a new airlock systems that help it achieve air pressure equivalent to 200,000 feet above sea level. These two companies are based in Russian Federation and Dubai, respectively, with Virgin Hyperloop One starting off on its capital and running out, with 300 employees at risk of losing their jobs if more funding wasn't secured.

The new round of funding, announced on Monday, came from Dubai's DP World and Russia's Caspian Venture Capital.

"I am excited by the latest developments at Virgin Hyperloop One and delighted to be its new Chairman" said Branson.

All parts of the system were successfully tested, according to the release, including the airlock, electric motor, advanced controls and power electronics, custom magnetic levitation and guidance, pod suspension, and the vacuum. Hyperloop trains are expected to be used for cargo transport before moving passengers.

On Monday Virgin Hyperloop One announced a new record for its prototype pod-387kph (or 240mph).

Branson's Virgin Galactic is developing a unique airplane-based system to launch rockets for tourist trips outside Earth's atmosphere.

Pishevar was further embroiled in controversy this month when multiple women accused him of sexual misconduct.

It's probably no surprise that billionaire Richard Branson is going to be taking a more active role in Virgin Hyperloop One, considering the company adopted the "Virgin" moniker after Branson's global co. became a key backer earlier this year. "Defendants have created and executed a business plan to slander targets in the hope that false facts find their way to reporters and ultimately to the public, including Mr. Pishevar's business associates, clients and investors".

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