Hyperloop company claims to have $685M in funding for Edmonton-Calgary route

Edmonton-Calgary high-speed hyperloop has funding TransPod is looking for provincial approval after gathering funding for a high-speed hyperloop. CTV News Edmonton’s Carlyle Fiset reports.

The company seeking to build a high-speed hyperloop link between Calgary and Edmonton claims it has secured more than $685 million in funding for the project.

TransPod says it’s gathered US $550 million, or about $688 million in Canadian dollars, from the Broughton Capital Group as well as the China-East Resources Import & Export Company.

“The construction and operation of a TransPod Line will help Albertans move around easily, create new jobs, and facilitate investment into the region,” Transpod CEO Sebastien Gendron said in a news release.

The company says it’s working on securing construction permits, working through environmental assessments and acquiring land.

Test track construction is scheduled to go through 2027 with the construction of the Calgary-Edmonton line to begin later that year.

In August 2020, the company said it had signed a memorandum of understanding with the Government of Alberta to determine the feasibility of the project.

The hyperloop would be constructed at ground level and TransPod says the vehicles travel within low-pressure tubes protected from the elements, making the system "immune to weather."

The vehicles are driven by "linear induction motors and air compressors" and the lack of friction allows them to travel at speeds of up to 1,000 km/h, faster than jets and nearly triple those of current high-speed trains.