The fast-moving freight company, Hyperloop One, will close because it failed to win any contracts to build its "hyperloop" (transportation system).
The Los Angeles-based company, which in 2020 completed the world's first passenger journey based on a super-high-speed flying capsule system, will sell its remaining assets and lay off employees at the end of the year. reports Bloomberg.
A "hyperloop" system that uses magnetic levitation, the trip between New York and Washington would take just 30 minutes, which is twice as fast as flying by plane and four times as fast as high-speed rail.
"Hyperloop One" was founded in 2014 and has raised more than 400 million dollars, mainly from the Emirates shipping company DP World and British billionaire Richard Branson.