Hyperloop company TransPod is rounding up private funding after completing a feasibility study of a link between Calgary and Edmonton in Alberta. TransPod expects an initial investment of about $810 million for the next project phase, which involves research and development.
Canadian hyperloop company TransPod has completed a feasibility study of the implementation of an ultra-high-speed transportation line between Calgary and Edmonton.
The company says it expects to have private funding secured for the first portion of the line by the end of the year.TransPod’s ultimate goal is to have Albertans shuttling between Calgary and Edmonton in train-like pods — at speeds up to 1,000 kilometres an hour — through magnetic tubes.
Hyperloop feasibility study for Edmonton-Calgary route gets provincial backing
In August 2020, Toronto-based TransPod announced it had inked a memorandum of understanding (MOU) with the province that supported the company — but offered no funding — in further studying the feasibility of the technology in Alberta, sharing transportation data and identifying suitable land for a test track.
On Friday, the company released the findings from the feasibility study. It said initial investment proposals for a total amount of $1 billion have been shared with the government.TransPod co-founder and CEO Sebastian Gendron said the completion of the study moved the project into the next phase of investment and research and development.
“The next step is securing — so we have two proposals for half a billion to finance those first 20 kilometres and we must confirm that before the end of this year,” he said.