(Reuters) — British billionaire Richard Branson on Thursday placed another bet on the future with an investment in Hyperloop One, which is developing super high-speed transportation systems.

Hyperloop One said Branson’s Virgin Group would take the company global and rebrand itself as Virgin Hyperloop One in the near future.

Branson has joined the board of Hyperloop One, which will develop pods that will transport passenger and mixed-use cargo at speeds of 250 miles per hour (402 km per hour).

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