Home » TransPod secures $550m for Canadian hyperloop project

TransPod secures $550m for Canadian hyperloop project

by Sion Geschwindt
TransPod secures $550m for Canadian hyperloop project

TransPod has secured US$550m (£420m) in finance towards a hyperloop project that would transport people between the cities of Edmonton and Calgary in Alberta, Canada.

UK-based Broughton Capital Group, in cooperation with China-East Resources Import & Export Co. (Cerieco), have agreed in principle to provide the finance and Master EPC arrangement respectively.

The hyperloop transportation system is being developed to carry passengers and cargo in a low-pressure tube environment at 1,000km/h.

Sebastien Gendron, co-founder and CEO, TransPod: “As the first and only company to confirm such finance for a multi-billion-dollar tube-transportation infrastructure project, TransPod is proud of its commitment to driving growth in Alberta through true innovation and partnership.

“The construction and operation of a TransPod Line will help Albertans move around easily, create new jobs, and facilitate investment into the region. With the confidence of our investors and the government of Alberta, we will deliver on a joint vision of a progressive, sustainable, and growing economy.”

“One of BCG’s strategic goals is to invest in innovative projects and our alignment with Cerieco for the TransPod project suits that objective strongly and bodes well for future projects,” said Broughton Capital Group. “We are looking forward to moving this forward.”

“Our partnership with BCG and TransPod offers strong alignment of strategic goals, a complementary approach to infrastructure development that we believe will add significant value across innovative projects in Canada,” added Cerieco.

The next phases of the Alberta TransPod project are:

  • short-term – research and development, construction permit, environmental assessment, land acquisition (present-2024);
  •  medium-term: test track construction, high-speed tests, and certification (2023-2027);
  • long-term: construction of a full inter-city line between Edmonton and Calgary (to begin in 2027).

Main image credit: TransPod

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