Ultra-high-speed hyperloop between Edmonton, Calgary secures $550M to help financing

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The ultra-high-speed hyperloop proposed to take people between Edmonton and Calgary in about 45 minutes took another step forward this week after securing funding to finance the system.

Two companies, UK-based Broughton Capital Group and China-East Resources Import & Export Co., have agreed in principle to provide a combined US$550 million finance to accelerate the development of the TransPod Line between the two Alberta cities.

The high-speed transportation system is being developed to carry passengers and cargo in a low-pressure tube environment at 1,000 km/h. The vehicles would be powered by electrically driven magnetic propulsion. Morgan Black has the details on the financing announcement and what's next for the project.