Virgin has provided an undisclosed amount for the ultra-fast transport developer, valued at $700m as of September, which will rebrand to Virgin Hyperloop One.

Diversified conglomerate Virgin has invested an undisclosed amount in US-based transport technology developer Hyperloop One, which will rebrand to Virgin Hyperloop One a part of a strategic partnership deal.

Founded in 2014, Hyperloop One is working on a tube-based electric transport system that has reached speeds of 310km per hour in testing, and which the company believes will eventually be capable of speeds in excess of 1,000km per hour.

Hyperloop One aims to have the first working system up and…