In the race to save the planet, the technology powering Virgin Hyperloop potentially could lead the charge in reducing the carbon impact of global transportation, one of the largest contributors to climate change, by more than 25 percent, according to Virgin Hyperloop CEO and co-founder Josh Giegel.
"Transportation is the largest emitter in the U.S., it's about 29 percent," Giegel told Cheddar. "So things like electric vehicles, last mile, ride-sharing, all of those things are making a dent."
Virgin Hyperloop uses an electric propulsion system to transport pods from one place to another through a low-pressure tube. Giegel said that the pods can transport people or goods at the speed of conventional airplanes while consuming 10 times less energy.
"But we need to look at mass transportation systems for people, for cargo and that's the opportunity for hyperloop, is that we can live in this century and the next century with technology that allows us to move at these speeds and save this amount of time without having to, i'll say, destroy the planet around us," he said. "It's really sustainability without sacrifice."
The pods also would be able to seat 25 to 35 passengers, take them directly to their destinations without making additional stops, and the service would be "on-demand," allowing passengers to move at their own pace without sticking to a strict departure schedule, according to the CEO. Giegel and colleague Sara Luchian were the first live passengers to test the technology in November of last year.
As global communities continue to seek transportation options that are more climate-conscious, Giegel said he expects technologies similar to Virgin Hyperloop to become more mainstream. He pointed to the coronavirus pandemic's impact on the environment, which led to a reduction in greenhouse gas pollution and even exposed a need for speedier, efficient transportation for vaccine distribution.
"The focus on sustainability, I think, is really, really refreshing and that there's opportunity like here in the U.S. or wherever it might be to 'build back better,' to use the technology of the future to, I'll say, enable the future that we want, which is fast, it's electric, it's clean," he said. "I'm just seeing a much more rapid view on getting people into sustainable modes of transport a heck of a lot faster."
The airline industry is seeing a major consolidation as Frontier and Spirit Airlines have agreed to merge in a deal valued at $6.6 billion dollars. Frontier will control just over 51% of the company, and Spirit will control the other 48%, creating what would become the fifth-largest airline in the U.S. The deal was approved over the weekend, with Spirit CEO Ted Christie saying that the merger aims to create an aggressive, low-fare competitor focused on consumer-friendly pricing. John Grant, Senior Analyst at OAG explains the gravity of the merger, and the wider impact it could have on competition and the airline industry as a whole.
Cheeze, Inc. is a media platform that hopes to help photographers to tell stories through the use of NFT’s. Simon Hudson, founder and CEO of Cheeze, Inc. joined Cheddar News to explain the process as well as teasing its "Women of Authenticity" display for Women’s History Month. "We've made it very simple and focused very hard on reducing all of the friction to bring their items to the blockchain." Hudson explained. He also addressed reports that cloud software giant Salesforce could be getting into the NFT marketplace.
President Biden's push for electric vehicles is doing more than trying to hold off climate change as it also hopes to revive American manufacturing jobs. The latest company to open an EV charging production plant in the U.S. is Australia-based Tritium, looking to open its new Lebanon, Tennessee, facility in the fall of 2022. It's expected to create at least 500 jobs in the region and reach a production capacity of 10,000 charging units per year. Jane Hunter, CEO and executive director of Tritium, joined Closing Bell to discuss the plant, production capacity, and working with the Biden administration. "The policies that they put in place have directly driven demand for our fast charging products," she said. "Discussions that we have are just incredibly positive because this administration wants to have an electric superhighway that runs all across the country so that it's open equitably for all people to drive electric vehicles."
Samsung unveiled its latest product lineup, including a new family of Galaxy S22 smartphones featuring the S22 Ultra with a larger screen, more powerful camera, and the Samsung S Pen stylus. The company also revealed its latest tablet, the Tab S8 Ultra, featuring a 14.6" screen, expanded storage, and 4K video capability. Cheddar News was able to showcase each device as Allison Johnson, reviews writer at The Verge, joined Closing Bell to discuss the new releases, the standout features, and more.
Shares of Canadian cannabis giant Canopy Growth surged after the company reported Q3 earnings Wednesday morning, with shares up more than 15 percent at the close of the day's trading session. Despite net revenue declining year-over-year, Canopy beat analyst expectations and has ramped up efforts to develop a "THC ecosystem' in the U.S. Canopy Growth's CEO, David Klein, joined Cheddar News' Closing Bell to discuss the report. He noted that its brands Storz & Bickel vaporizers and BioSteel beverages showed record growth.
Commercial property ownership platform withco recently raised $32 million across a seed and Series A funding round. The company purchases properties and then rents them back to small business owners and works to transition them into full ownership. Founder and CEO Kevin Song says withco was inspired by his family's experience of operating a Brooklyn grocery store for two decades and being forced to shutter the business due to a doubling in rent by a new landlord. Now, Song says his mission is to help small business owners become commercial property owners, in a way that's simple and affordable. Song joined Cheddar News' Closing Bell to discuss.
