Hyperloop One closes down by the end of December

Hyperloop One, the American company that was developing a network of low-pressure tunnels for high-speed transportation, has closed down. The company was unable to secure any customers for its technology, despite significant investments and technical progress.

As of December 31, 2023, Hyperloop One will no longer have any employees. The company's assets, including its technology and test track in Las Vegas, will be sold.

The company was founded in 2014 under the name Hyperloop Technologies. In 2017, British billionaire Sir Richard Branson invested in the company and it was renamed Virgin Hyperloop. The company demonstrated a prototype passenger capsule, but then shifted its focus to developing cargo capsules.

Branson withdrew from the company in 2022 and it was renamed back to Hyperloop One. The company also laid off hundreds of employees in 2022.

According to Bloomberg, Hyperloop One had been struggling financially for months and was unable to sign any commercial contracts. The company had raised more than $400 million in funding over its nearly ten-year existence.

Other companies are still developing Hyperloop technology. Hyperloop Transportation Technologies has signed a contract to build a Hyperloop line in Italy between Venice and Padua. The European Union is also investing in the project, with a contribution of €800 million.

The OnePlus Open, a Dual-SIM smartphone with 16 GB RAM and 512 GB storage, is suitable for on-the-go users, including those on train rides or, theoretically, in a Hyperloop. Currently priced at $1499.99 on Amazon, it comes with a 12% discount.