TransPod secures US$550M to build Calgary-Edmonton hyperloop

Mar 29, 2022 | 11:14 AM

CALGARY, AB – A company planning to build an ultra-high-speed transportation system between Alberta’s two largest cities has announced a major development.

An agreement in principle has been reached with Broughton Capital Group (BCG) and China-East Resources Import & Export Co (CERIECO) to provide TransPod with $550 million U.S. for their hyperloop that will connect Calgary and Edmonton.

TransPod Co-founder and CEO Sebastien Gendron says the project will have major implications for the province.

“As the first and only company to confirm such finance for a multibillion-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,” adds Gendron.

What's Happening in Lethbridge this week: December 9-15, 2024

Dec 10, 2024

What's Happening in Lethbridge this week: December 2-8, 2024

Dec 02, 2024

What's Happening in Lethbridge this week: November 12-17, 2024

Nov 12, 2024

A feasibility study, completed in 2021, found that the hyperloop would be able to make the trip between Calgary and Edmonton in 45 minutes, travelling at speeds of at least 600 km/hr.

Generally, it takes approximately three hours to drive between Calgary and Edmonton.

TransPod estimates that 140,000 jobs will be created over the course of nine years with this project and reduce CO2 emissions by 636,000 tonnes annually.

Tickets are expected to cost $90 each way.

CERIECO says in a statement that the hyperloop adds a “complementary approach to infrastructure development” that they believe will add significant value in Canada.

The project has the support of the Alberta Government, which signed a memorandum of understanding with TransPod in 2020.

Extensive work in research and development, permitting, and certification still needs to be completed.

In our previous story on TransPod, the company stated that they hoped to begin construction in 2025, but that has now been pushed back to 2027.

by David Opinko