(TransPod)

By Josh Hall (Twitter: @Vancan19)

ONE STEP CLOSER TO REALITY

TransPod announces partial funding commitment for Alberta hyperloop line

Mar 29, 2022 | 2:15 PM

TransPod has announced it has secured $550M USD in financing for its ultra-high-speed hyperloop train line which would run from Calgary to Edmonton.

A release notes that TransPod is now the first tube-transportation company to confirm finance for a multi-billion dollar infrastructure project such as this.

The funding commitment is from Broughton Financial Group, in cooperation with China-East Resources Import & Export Co. (CERIECO), says TransPod.

As it’s said in the past, TransPod reiterates that this project will drive economic growth in the region, estimating the line will add $19.2 billion to the province’s GDP by 2030.

“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.

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“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 also responded to a question from rdnewsNOW about how Red Deer may be incorporated into the hyperloop line.

“An Alberta TransPod Line would go from YYC to YEG via Red Deer. We definitely have our sights set on a station in Red Deer,” says Dianna Lai Read, communications director for TransPod.

Also in TransPod’s estimates are 15,600 jobs created per year, or 140,000 total over nine years.

It’s said that riding from Calgary to Edmonton would take 45 minutes, and one year of ridership will reduce CO₂ emissions by 636,000 tonnes per year — the equivalent of planting a forest four times bigger than Calgary, TransPod describes.

Research and development, environmental assessment and land acquisition is slated to continue through 2024. Test track construction, testing and certification will take place from 2023-2027, TransPod says, and construction of the full line would begin in 2027.

“Our partnership with BCG and TransPod offers strong alignment of strategic goals, a complimentary approach to infrastructure development that we believe will add significant value across innovative projects in Canada” said CERIECO.

Adds Terry Parker, Executive Director, Building Trades of Alberta: “TransPod is an exciting, game-changing leader for the future of green infrastructure and transportation in Canada and beyond. 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.”

In the release, TransPod notes that CERIECO was established in 1993, and is a Chinese state-owned enterprise with projects in 30 countries, including Canada. Broughton Capital Group is a UK-based project finance funder, specializing as an arranger and provider of debt finance as senior lender.