TransPod has acquired US$ 550M in funding for the Canadian hyperloop project which is set to carry passengers at ultra-high speeds within tubes. The multibillion-dollar railway would be constructed in Alberta, Canada. Broughton Capital Group, in collaboration with China-East Resources Import & Export Co (Cerieco), has published terms for an arrangement that involves financing as well as a promise to considerable involvement from Canadian contractors.
The goal is to expedite the construction of a TransPod Line between Edmonton and Calgary in order to spur economic growth in the region. Transpod is one of several firms across the world working on ultra-high-speed transportation ‘hyperloop’ networks that would run within tubes.
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Various technologies are being explored with the goal of making trains move with very little friction, thanks to the elimination of most of the air in the tube and the use of magnetic levitation to allow capsules to float. “TransPod is proud of its commitment to fostering growth in Alberta via true innovation and partnership as the first and only company to confirm such financing for a multibillion-dollar tube-transportation infrastructure scheme,” said Sebastien Gendron, CEO and co-founder of TransPod.
“The building and operation of a TransPod Line will make it easier for Albertans to get about, create new jobs, and encourage investment in the region.” We will deliver on a joint vision of a progressive, sustainable, and rising economy with the confidence of our investors and the government of Alberta.”
“One of BCG’s strategic goals is to invest in new projects, and our collaboration with Cerieco on the TransPod project fits that ambition perfectly and bodes well for future projects,” Broughton Capital Group stated. “We’re looking forward to moving things along.”
The next stages for the Canadian hyperloop project:
Short-term: research and development, construction permit, environmental assessment, and 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).
Plans for innovative projects in Canada
“Our relationship with BCG and TransPod provides excellent strategic alignment as well as a complementary strategy to building infrastructure that we believe will add significant value to innovative projects in Canada,” Cerieco added. TransPod has teamed with Building Trades of Alberta to harness its regional experience and partner network to assist regional employment growth and employee training for the TransPod Line in Alberta.
“TransPod is an exciting, game-changing leader for the future of green infrastructure and mobility in Canada and beyond,” said Terry Parker, executive director of the Alberta Building Trades.
“The Alberta TransPod project will not only help Canada meet its carbon reduction targets, but it will also initiate well-paying, community-supporting jobs for Alberta’s skilled trades workers, notably the Indigenous communities, women, new Canadians, and apprentices.” The Building Trades of Alberta, with its more than 60,000 members, is eager to be a part of this endeavor.”
