Hyperloop One, the company once at the forefront of developing high-speed transportation technology, has announced its closure. After failing to secure a contract to build a working hyperloop system and facing financial troubles, the company is shutting down and letting go of most of its staff.
Founded in 2014 following Elon Musk’s paper on hyperloop transportation, Hyperloop One had high aspirations of revolutionizing transportation for both cargo and passengers. In 2017, the company rebranded as Virgin Hyperloop One after receiving an investment from Richard Branson’s Virgin Group. However, the company quietly abandoned its plans for passenger transport last year, focusing instead on building a cargo-only service.
The decision to abandon passenger transport led to the layoffs of over 100 staff members. Now, with ongoing financial troubles, Hyperloop One has made the decision to shutter its operations completely. Most of the remaining employees have been laid off, and the few remaining are set to be let go on December 31.
The company’s assets, including its machineries and test tracks, are reportedly being overseen for sale by the remaining staff. This marks an unfortunate end for a company that had once dreamed of connecting Europe and China with high-speed freight transport capable of delivering cargo in a single day. Unfortunately, that dream will not be realized as Hyperloop One closes its doors for good.