A trip from Edmonton to Calgary in just 45 minutes on a high-tech line that’s three times faster than a bullet train has been a concept for years. Now, the reality of the hyperloop project is beginning to take shape. As Morgan Black reports, Toronto-based TransPod says it has secured US$550 million in financing to accelerate the development.
A transportation system that could eventually see people travel between Edmonton and Calgary in about 45 minutes has taken another step forward.
Toronto-based TransPod announced Tuesday it has secured US$550 million in financing for its multibillion-dollar hyperloop system.
UK-based Broughton Capital Group, in cooperation with China-East Resources Import & Export Co., have agreed in principle to provide a combined US$550M finance and Master EPC arrangement respectively, to accelerate the development of a TransPod Line between Edmonton and Calgary.
“To finance the first phase of the project, which consists of the airport connection of Edmonton,” said Sebastien Gendron, co-founder and CEO of TransPod.
The high-speed transportation system is being developed to carry passengers and cargo in a low-pressure tube environment at 1,000 km/h. Described as an aircraft without wings, the vehicles would be powered by electrically driven magnetic propulsion, according to the company.