Virgin Group has invested in the company to form a global strategic partnership. With this partnership, Richard Branson joined the board of directors and Hyperloop One will be rebranding itself as Virgin Hyperloop One in the coming months.

The global partnership will focus on passenger and mixed-use cargo service, in addition to the creation of a new passenger division, according to a statement by the companies. Depending on the market, other brands could be used globally as well.

With Hyperloop One, passengers and cargo are loaded into a pod, and accelerate gradually via electric propulsion through a low-pressure tube. The pod lifts above the track using magnetic levitation, and glides at airline speeds for long distances due to ultra-low aerodynamic drag.

You can find Mr. Branson’s blog post on the partnership here.

[Image courtesy: Virgin Group]