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High-Speed Freight Link Hyperloop One To Shut Down
The high-tech transportation system was planned to connect Europe and China.
Founded in 2014 with the goal of building a high-speed freight link between Europe and China, Hyperloop One is reportedly shutting down.
Following a paper in 2014 by Elon Musk about his vision for hyperloop transport systems, the project intended to carry cargo along the length of its route in just a single day. The company planned to carry cargo and people in pods traveling through sealed metal tubes at aircraft-like speeds.
From 2017 until 2022, the company was known as Virgin Hyperloop One due to an investment from Richard Branson’s Virgin Group. However, Virgin pulled out last year when Hyperloop One decided to abandon plans to transport passengers. The company has now laid off over 100 staff members due to its change in priorities.
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According to news outlet Bloomberg, Hyperloop One never secured a contract to build a working hyperloop system, and all remaining employees will be gone by December 31.