Hyperloop One to Shut Down, Sell Assets

Company's Failure Marks a Setback for High-Speed Transport Technology

Hyperloop One, a company that aimed to revolutionize public transport with high-speed hyperloop technology, is shutting down and planning to sell its assets.
The company, which raised more than $450 million in funding, built a test track in Nevada but never secured a contract to build a working hyperloop system.
Hyperloop One was rebranded as Virgin Hyperloop One in 2017 after Richard Branson's company took a stake in the business. However, Branson pulled his backing and the Virgin branding was removed last year.
The company's remaining staff contracts will end on December 31, and the intellectual property will be transferred to Dubai shipping conglomerate DP World, which owns a majority stake in the business.
Despite the failure of Hyperloop One, several other start-ups continue to pursue the development of hyperloop technology.