550M Secured To Help Finance Ultra High Speed Hyperloop Between Edmonton And Calgary

Toronto-based TransPod announced Tuesday that it has secured $ 550 million in multibillion-dollar hyperloop funding.

		Read more: Alberta government shows support for super-high speeds between Edmonton and Calgary 		

The UK-based Broughton Capital Group, in partnership with China-East Resources Import & Export Co., agreed in principle to provide a combined $ 550 million financing and Master EPC agreement respectively to accelerate the development of a line TransPod between Edmonton and Calgary. “To fund the first phase of the project, which consists of connecting Edmonton Airport,” said Sebastien Gendron, co-founder and CEO of TransPod. The high speed transmission system is developed for the transport of passengers and cargo in a low pressure pipe environment at a speed of 1,000 km / h. Described as a wingless aircraft, the vehicles will be powered by electromotive magnetic propulsion, according to the company. The story goes on under the ad Gendron said that this initial investment is a key step in the overall project, because it proves that there is a market for it. “It’s actually a recommendation we received from financial institutions,” he said. “They said we could have the best technology in the world, but if there is no market, we will not go far. This investment therefore confirms that there is interest in the construction of such infrastructure. “We have the momentum and the momentum to develop the technology associated with this project. So that’s a key milestone for the TransPod, for sure. “

		Read more: The ultra-high-speed pipeline would transport people between Edmonton and Calgary in 30 minutes: TransPod 		

TransPod said the Master EPC deal is expected to include a “significant contribution” from Canadian contractors. “As the first and only company to confirm such funding for a multibillion-dollar transportation infrastructure project, TransPod is proud of its commitment to drive growth in Alberta through genuine innovation and collaboration,” Gendron said. “Building and operating a TransPod line will help Alberts move around easily, create new jobs and facilitate investment in the area. “With the confidence of our investors and the government of Alberta, we will realize a common vision for a progressive, sustainable and growing economy.” Trending Stories

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The story goes on under the ad 4:39 The Government of Alberta shows support for the hyperloop bus between Calgary, Edmonton The Government of Alberta shows support for the hyperloop bus between Calgary, Edmonton – 29 August 2020 A feasibility study released last year estimated the project would create up to 140,000 jobs and add $ 19.2 billion to the region’s GDP across construction. The study also predicts that subway transportation will be able to make the 300-kilometer journey between Edmonton and Calgary in 45 minutes, at an estimated cost of $ 90 per person. “TransPod is an exciting leader that is changing the game for the future of green infrastructure and transportation in Canada and beyond,” said Terry Parker, executive director of Building Trades of Alberta. TransPod has partnered with Building Trades of Alberta to leverage its regional know-how to support regional job growth and provide TransPod line staff training. “Not only will it help Canada meet its carbon targets, but the Alberta TransPod project will create thousands of well-paid community-based jobs for Alberta skilled workers, including indigenous women. “Young Canadians and apprentices,” Parker said. . The story goes on under the ad 1:46 Kenney Supports Ultra-High Speed ​​Hyperloop Survey Between Edmonton and Calgary Kenney Supports Ultra-High Speed ​​Hyperloop Survey Between Edmonton and Calgary – August 25, 2020 In August 2020, TransPod signed a Memorandum of Understanding (MOU) with the Alberta Government to support the development of its hyperloop system. Also Tuesday, TransPod described the next phases of Alberta’s project:

Short term: Research and development. construction permit; environmental impact assessment? land acquisition (today-2024) Medium Term: Test track construction, high speed tests and certification (2023-2027) Long-term: Construction of a complete long-distance line between Edmonton and Calgary (starting in 2027)

TransPod is still awaiting approval from the Alberta government, and Gendron has confirmed that the county has not yet committed to the project. “In the short term, we are considering final approval by the government. We need the green light. “Let’s hope we have it by the summer and once we have that green light, we will be able to draw up a disbursement plan for that $ 500 million,” he explained. The story goes on under the ad “The closer we get, the closer we get. In addition to this milestone, we have scheduled another announcement for mid-May. We are currently building a functional prototype and we are going to present it to the public in May “. Gendron said the prototype would be unveiled in Toronto, with hopes that it would then be shipped to Alberta so people here could see how the technology would work. “We are delighted to have found Alberta. “I would say that today, from our point of view, Alberta is leading the innovation agenda from Canada and I would say that without Alberta we would not be there today.” © 2022 Global News, part of Corus Entertainment Inc.