Sir Richard Branson's Virgin Hyperloop One sets a new speed record of nearly 240mph in a major step towards launching a global high-speed transport system by 2021

The Hyperloop pod was able to reach speeds of 240mph (387 km/h) in Nevada

Virgin Hyperloop ultimately hopes its pods will reach speeds of 670mph by 2021

Richard Branson has also been named as non-executive Chairman of Virgin Hyperloop One

Published: 19:42 EDT, 18 December 2017 | Updated: 07:15 EDT, 19 December 2017

Virgin Hyperloop One made history this week, after setting a new speed record with its futuristic travel system.

The firm completed a third phase test at its DevLoop track in Nevada, where its Hyperloop pod was able to reach dizzying speeds of 240mph (387 km/hour).

While this is short of the firm's goal to achieve speeds of up to 670mph (1,000 kilometres/hour) by 2021, it's definitely a step in the right direction.

Richard Branson, founder of Virgin, has also been named as non-executive Chairman of Virgin Hyperloop One.

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Virgin Hyperloop One has made history this week, after setting a new speed record with its futuristic travel system

While the Phase 3 test was short of the firm's goal to achieve speeds of up to 670mph (1,000 kilometres/hour) by 2021, it's definitely a step in the right direction

WHAT IS HYPERLOOP?

Hyperloop is a proposed method of travel that would transport people at roughly 670mph (1,000 kph) between distant locations.

It was unveiled by Elon Musk in 2013, who at the time said it could take passengers the 380 miles (610km) from LA to San Francisco in 30 minutes - half the time it takes a plane.

It is essentially a long tube that has had the air removed to create a vacuum.

The tube is suspended off ground to protect against weather and quakes.

Hyperloop is a proposed method of travel that would transport people at rapid speeds between distant locations.

The idea was first launched by Tesla boss Elon Musk in August 2013, who released the plans for free.

He is not associated with Hyperloop One, but has urged interested parties to develop the technology.

Virgin Hyperloop One's third phase test took place on December 15 at the DevLoop track in Nevada.

The firm set a test speed record of nearly 240mph (387 kilometres/hour), and tested a new airlock which helps transition test pods between atmospheric and vacuum conditions.

In comparison, China's new Fuxing trains, which are the fastest in the world, can currently travel at speeds of 217mph (350 km/hour).

Hyperloop is a proposed method of travel that would transport people at rapid speeds between distant locations

The firm completed a third phase test at its DevLoop track in Nevada, where its hyperloop pod was able to reach dizzying speeds of 240 miles/hour (387 km/hour)

Pictured is the DevLoop test track in Nevada, where Virgin Hyperloop One carries out its high-speed testing

The tests were conducted in a tube depressurized down to the equivalent air pressure experienced at 200,000 feet above sea level.

A Virgin Hyperloop One pod quickly lifted above the track using magnetic levitation and glided at airline speeds due to ultra-low aerodynamic drag.

Josh Giegel, co-founder and CTO at of Virgin Hyperloop One, said: 'The recent phase three testing continues to prove the incredible persistence and determination of our DevLoop team - the close to 200 engineers, machinists, welders, and fabricators who collaborated to make Hyperloop a reality today.

The tests were conducted in a tube depressurized down to the equivalent air pressure experienced at 200,000 feet above sea level. A Virgin Hyperloop One pod quickly lifted above the track using magnetic levitation and glided at airline speeds due to ultra-low aerodynamic drag

Virgin Hyperloop One's third phase test took place at the DevLoop track in Nevada. The firm set a test speed record of nearly 240 miles/hour (387 kilometres/hour), and tested a new airlock which helps transition test pods between atmospheric and vacuum conditions

WHAT IS DEVLOOP?

The 'DevLoop' project, short for 'development Hyperloop', will test both track and pod systems.

If the company completes this DevLoop, it will be the first full-scale Hyperloop system and the world will see a whole new mode of transportation.

The 1.8 mile (3 km) full-scale and full speed enclosed prototype is taking shape in the desert in North Las Vegas in Nevada.

'The continued support from our existing investors Caspian Venture Capital and DP World highlight their adamant belief in our ability to execute.'

Having joined forces with Virgin in October, Virgin Hyperloop One has also named Richard Branson as non-executive Chairman.

Branson said: 'I am excited by the latest developments at Virgin Hyperloop One and delighted to be its new Chairman.

Having joined forces with Virgin in October, Virgin Hyperloop One has also named Richard Branson as non-executive Chairman

Mr Josh Giegel, co-founder and CTO at of Virgin Hyperloop One, said: 'The recent phase three testing continues to prove the incredible persistence and determination of our DevLoop team - the close to 200 engineers, machinists, welders, and fabricators who collaborated to make hyperloop a reality today'

During the Phase 3 trial, the Virgin Hyperloop One hurtled down the DevLoop test track at speeds of 240mph (387 km/hour)

'The recent investment by our partners Caspian Venture Capital and DP World sets up the company to pursue opportunities in key markets in the Middle East, Europe, and Russia as it develops game-changing and innovative passenger and cargo ground transport systems.'

An investment of £37 million ($50 million) was made by Caspian Venture Capital and DP World, bringing the total financing raised by Virgin Hyperloop One to £220 million ($295 million) since it was founded in 2014.

Rob Lloyd, CEO of Virgin Hyperloop One, said: 'This investment provides Virgin Hyperloop One with a very robust financial platform for 2018 ahead of our Series C round of fundraising.