Hyperloop One Shutters, Abandoning Plans for Europe-to-China Freight Link
After failing to secure a contract to actually build the system.
Elon Musk first proposed the concept of the Hyperloop – a high-speed vacuum train – a decade ago. While the concept was lauded by the tech entrepreneur, as well as his companies SpaceX and Boring, Musk never patented his ideas.
Rather, after first introducing the Hyperloop at a conference the year prior, Musk published a white paper on the Hyperloop. The paper served as a blueprint for explaining his vision for the concept and went on to form the foundation of Brogan BamBrogan and Shervin Pishevar transportation technology company Hyperloop One, a company that will now be closing its doors.
Founded in 2014, the company envisioned its own Hyperloop connecting Europe and China, capable of shuttling cargo from one to the other in a single day. Hyperloop One began working with the city of Moscow to develop what Pishevar referred to as a “transformative new Silk Road” that would reduce shipping times by weeks.
Original plans for the loop included human passengers, who would be able to ride in tube-like pods at speeds similar to airplanes. In 2017, Richard Branson invested in the idea and the company was renamed as the Virgin Hyperloop One.
Last year, Branson pulled his brand name from the company after the founders decided to focus solely on cargo, abandoning the passenger aspect. Since then, the Hyperloop One has failed to lock down a contract to actually build the train.
The majority of employees have been laid off with plans for the entire company to shutter. The few remaining employees are working on the sale of assets and machinery. Their roles will be terminated on December 31.
