Move over, Elon Musk: Richard Branson’s Virgin Group invests in Hyperloop One

Richard Branson and his Virgin Group have invested in Hyperloop One, and the legendary entrepreneur is joining the transportation startup’s board of directors amid a rebranding and expansion, the company said Thursday.

As part of its partnership with Virgin, the privately held company will be changing its name to Virgin Hyperloop One in the coming months, it said. An investment amount has not been disclosed.

Related: Amtrak CEO to Elon Musk: Keep dreaming

Virgin “has been known for disruption and investing in innovative companies,” the company said on its website. “From our airlines to our trains to our spaceline, we have long been passionate about innovation in transport too, especially the development of technology that could transform people’s lives. This is just the latest example.”

“Our global strategic partnership will focus on passenger and mixed-use cargo service, in addition to the creation of a new passenger division,” Hyperloop said. “Virgin will not be the only operator. We will work with a variety of operators globally, as selected by customers.”

See also: How Elon Musk and shorter commutes could transform people’s lives

Tesla Inc. TSLA, +0.30%  Chief Executive Elon Musk floated the idea of an updated version of a sci-fi-like high-speed, low-pressure tubes to transport people and cargo in a paper in 2013.

Hyperloop One has raised $245 million since its founding in 2014, according to its website. Competitors include Hyperloop Transportation Technologies.

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