Canadian hyperloop project advances

Canadian hyperloop project advances

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The multi-billion-dollar line would be built in Alberta, Canada.

Terms have been issued by Broughton Capital Group, in cooperation with China-East Resources Import & Export Co (Cerieco), for an arrangement that includes finance as well as a commitment to significant involvement from Canadian contractors. The plan is to accelerate development of a TransPod Line between Edmonton and Calgary and drive economic growth in the region.

Transpod is one of a number of companies around the world developing ultra-high-speed transport ‘hyperloop’ networks that would run within tubes. Various types of technology are being developed with aspirations for the trains to run with very little friction, thanks to the removal of most of the air in the tube and the use of magnetic levitation to allow capsules to float.

 “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,” said Sebastien Gendron, co-founder and CEO, TransPod. “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.”

A memorandum of understanding with the province of Alberta was signed in 2020.

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“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.”

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).

“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,” said Cerieco.

To support regional job development and provide employee training for the TransPod Line in Alberta, TransPod has partnered with Building Trades of Alberta to leverage its regional expertise and partner network.

“TransPod is an exciting, game-changing leader for the future of green infrastructure and transportation in Canada and beyond,” said Terry Parker, executive director, Building Trades of Alberta. “Not only will it help Canada tackle its carbon goals, the Alberta TransPod project will create thousands of well-paying, community-supporting jobs for Alberta’s skilled trades workers, including those from Indigenous communities, women, new Canadians, and apprentices. The Building Trades of Alberta — and its more than 60,000 members — is ready and excited to be part of this project.”

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