A new way of travelling back and forth between Edmonton and Calgary, which would only take 45 minutes, might be on the way.
Toronto-based company TransPod announced last Tuesday it has secured $550 million USD in financing for its multibillion-dollar hyperloop system.
According to Sebastien Gendron, co-founder and CEO of TransPod, the $550 million USD is to finance the first phase of the project, which consists of the airport connection of Edmonton.
According to the company, the high-speed transportation system can travel at around 1,000 km/h and is being developed to carry passengers and cargo in a low-pressure tube environment. Described as an aircraft without wings, the vehicles would be powered by electrically driven magnetic propulsion.
In a study released last year, it is estimated the project could create up to 140,000 jobs and add an additional $19.2 billion throughout construction while adding to the region’s gross domestic product (GDP).
TransPod also outlined the next phases for the project:
Research and development; construction permits; environmental assessment; land acquisition (present-2024)
Test track construction, high-speed tests, and certification (2023-2027)
Construction of a full inter-city line between Edmonton and Calgary (to begin in 2027)
As of right now, the Alberta Government has not committed any money or approved the project, but Airdrie-East MLA Angela Pitt thinks it could be a pretty cool idea.
“It's great to see that there's a private investment for a project like this. It makes sense for this type of investment in Alberta, I travel a lot between Airdrie and Edmonton and this might personally actually be a really good way for me to commute. So, we'll see how the project unfolds.”
Still in the very early stages, right now, it's projected that this hyperloop will cost around $90 per person.