TransPod said it has raised $550 million in funding for its multi-billion-dollar project to create an ultra-fast vacuum tube link between Calgary, Alberta, and Edmonton. The funding was raised from UK project finance group Broughton Capital and Chinese state-owned industrial trading company China Orient Resources Import & Export Corporation.

Sebastien Gendron, co-founder and CEO of Trans Pod, said it was the first such deal for a hyperloop project. If built, the Hyperloop would transport passengers along a 300-kilometer route in 45 minutes, compared to about three hours driving now.

TransPod said it will also reduce carbon emissions by 636,000 tons per year. "The construction and operation of the TransPod line will help Albertans get around easily, create new jobs and foster investment in the region," Gendron said. "With the confidence of our investors and the Government of Alberta, we will achieve our shared vision of a progressive, sustainable and growing economy." Keywords: engineering construction, engineering news

The program signed a memorandum of understanding with the Alberta government in 2020. The project's feasibility study says the economic benefits of the project will include up to 140,000 new jobs and $15.2 billion in increased provincial GDP by 2030. Trans Pod will continue to develop the technology, but has yet to acquire land, obtain construction permits and conduct an environmental impact assessment. Construction on the project will begin in 2027.Editor/XingWentao