Richard Branson Hyperloop One signs an agreement to build $ 500 MILLION facilities in Spain

Virgin Hyperloop One reached an agreement with the Spanish state railway infrastructure company Adif to build a $ 500 million research center in Spain, the first in Europe. A Hyperloop One capsule recently released in Dubai is shown

Virgin Hyperloop One, a US startup that develops an almost supersonic rail transit system, has reached an agreement with the Spanish state railway infrastructure company Adif to build a 500 million dollar research center in Spain, the first in Europe.

The 19,000-square-meter (204,000-square-foot) center, which is planned to open in the small town of Bobadilla in the southern province of Malaga by 2020, will develop and test components for Hyperloop systems to improve their safety.

A Hyperloop is a shuttle that travels on magnetic rails, something like a train, but runs in a tube with little or no air.

In theory, Hyperloops could allow travel faster than the speed of sound.

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Virgin Hyperloop One reached an agreement with the Spanish state railway infrastructure company Adif to build a $ 500 million research center in Spain, the first in Europe. A Hyperloop One capsule recently released in Dubai is shown

Virgin Hyperloop One reached an agreement with the Spanish state railway infrastructure company Adif to build a $ 500 million research center in Spain, the first in Europe. A Hyperloop One capsule recently released in Dubai is shown

Virgin Hyperloop One, backed by British tycoon Richard Branson, has been testing its Hyperloop system in Nevada, United States, with speeds reaching 240 miles (386 kilometers) per hour, and is planning three production systems in service by 2021.

"By investing in the development and testing of Virgin Hyperloop One, Spain is expanding its long tradition as an innovative and global transportation leader.

We are excited to partner with a forward-looking country in the development of the next generation of transportation, "Virgin Hyperloop One boss Rob Lloyd said in the statement.

Virgin Hyperloop One will receive 126 million euros (146 million dollars) in public aid in the form of loans and donations to help establish the new center, the US company Adif said in separate statements.

Adif said the center will create 250 highly qualified jobs, while Virgin Hyperloop One said it would "hire between 250 and 300 qualified high-tech professionals."

Malaga is fast becoming a hive of high-tech activity.

Hyperloop One, which is developing a system theorized by businessman Elon Musk, plans to open a research center to develop and test components for hyperloop systems to improve their security

Hyperloop One, which is developing a system theorized by businessman Elon Musk, plans to open a research center to develop and test components for hyperloop systems to improve their security

Hyperloop One, which is developing a system theorized by businessman Elon Musk, plans to open a research center to develop and test components for hyperloop systems to improve their security

Sir Richard Branson speaks with CNBC journalist Hadley Gamble at the hyperloop event in Dubai

Sir Richard Branson speaks with CNBC journalist Hadley Gamble at the hyperloop event in Dubai

Sir Richard Branson speaks with CNBC journalist Hadley Gamble at the hyperloop event in Dubai

WHAT IS HYPERLOOP?

Hyperloop is a proposed travel method that would transport people to approximately 700 mph between distant locations.

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

It is essentially a long tube that has been removed from the air to create a vacuum. For safety reasons, Hyperloop tunnels need escape hatches in case of fire.

The pipe is suspended from the ground to protect against weather and earthquakes.

Now there are several companies competing to bring technology to life, including Elon Musk himself, Hyperloop Transportation Technologies and Virgin Hyperloop One.

While several companies compete to create the first operational Hyperloop, Elon Musk's vision of a radical transportation system that could transport passengers above land at 760 miles per hour continues to come closer to reality.

While several companies compete to create the first operational Hyperloop, Elon Musk's vision of a radical transportation system that could transport passengers above land at 760 miles per hour continues to come closer to reality.

While several companies compete to create the first operational Hyperloop, Elon Musk's vision of a radical transportation system that could transport passengers above land at 760 miles per hour continues to come closer to reality.

The province has more than 9,000 transport and logistics companies, as well as the second largest aerospace cluster in Spain, and 20,000 employees in research and development, according to Adif.

Spain's high-speed network is the second largest in the world after China's.

Under construction since 1992, 3,200 kilometers (1,990 miles) of tracks extend across the country, from Seville and Malaga at its southern end, to Santiago de Compostela and Barcelona in the north, and Valencia and Alicante in the east.

About 500 trains are propelled along these high-speed corridors every day, carrying around 36.5 million passengers each year.

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