Over the next couple of months, the company will rebrand itself as VirginHyperloop One.
"The fact that we have made so much progress with governments around the world speaks to the transformative nature of Hyperloop One's technology and the material transportation and societal benefits it unlocks", Brent Callinicos, COO and CFO, of Hyperloop One said in a statement.
A Hyperloop uses a pod to carry passengers or cargo through a low-pressure tube.
The hyperloop works by propelling pods through tubes using magnets reaching speeds akin to those of airplanes.
In a post on his website, Branson said he aimed to turn it into a "global passenger service" which could complete the 332-mile journey between the Scottish and United Kingdom capitals, via Manchester, in under an hour.
Previous estimates for hyperloop journey times include a 338-mile route between Glasgow, Edinburgh and Liverpool in 38 minutes.
"This is an incredibly innovative and exciting new way to move people and things at airline speeds on the ground", Branson said on Virgin Group's website.
Electric: Testing under way near Las Vegas.
"From our airlines to our trains to our spaceline, we have always been passionate about innovation in transport too, especially the development of technology that could transform people's lives". For somewhere shy of $85 million, the financial future of what Virgin calls "a responsible and sustainable form of transport" (in a press release that partially cribs from Wikipedia) ultimately amounts to a throwaway bet from a billionaire.
The maximum distance travelled was 436m, with a peak acceleration of 1.48G (0-100km/h in 1.85 seconds). Download it today and continue to enjoy STV News wherever you are.