Toronto-based transportation company TransPod has secured $550m in financing for an ultra-high-speed ‘hyperloop’ transportation system between Edmonton and Calgary, Canada.

Broughton Capital Group and China-East Resources Import & Export have agreed to offer the funding and make a master engineering, procurement and construction (EPC) arrangement to support the project’s construction.

The project is expected to generate up to 140,000 jobs, according to a feasibility study.

The study also forecast that the project will add $19.2bn to the region’s gross domestic product (GDP) during its construction phase.

The TransPod Line is expected to help passengers reach Edmonton from Calgary in 45 minutes, a journey that currently takes more than three hours via car.

In addition, the anticipated ridership between Calgary and Edmonton will reduce carbon emissions by 636,000tpa, according to the feasibility study.

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TransPod co-founder and CEO Sebastien Gendron said: “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.

“The construction and operation of a TransPod Line will help Albertans move around easily, create new jobs, and facilitate investment into the region.”

Research and development, construction permits and an environmental assessment for the project will be completed this year, as well as land acquisition activities.

Test track construction, high-speed tests and certification processes are due to be carried out between next year and 2027.

In 2027, the company plans to begin building the full inter-city line between Edmonton and Calgary.

In August 2020, TransPod entered a memorandum of understanding (MoU) with the Alberta Government to carry out preliminary works for the hyperloop system.

The company was founded in 2015 and is based in Toronto.