A new high-speed tube transportation system has reached an important milestone, as it promises to take riders from Edmonton to Calgary in just 45 minutes.
The builder of the project, TransPod, announced Tuesday it has secured US $550 million to help finance the QEII hyperloop between Edmonton and Calgary.
UK-based Broughton Capital Group, in cooperation with China-East Resources Import & Export Co., agreed in principle to provide the money and Master EPC arrangement to accelerate the development of the tube line.
The company says riding the TransPod tube will take 45 minutes from Calgary to Edmonton, at an estimated ticket cost of $90, compared to more than three hours spent driving or a plane ticket costing about $162.
Those weekend trips to each city would be a whole lot easier with this system.
The high-speed transportation system is being developed to carry passengers and cargo in a low-pressure tube environment at 1,000 km/h.
The next phases of the Alberta TransPod project are as follows:
- 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)
“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,” said Sebastien Gendron, co-founder and CEO, TransPod in a news release.
“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.”
TransPod Inc. is headquartered in Toronto, Canada.