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

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.

For more info, please go to https://globalnews.ca/news/8718640/alberta-ultra-high-speed-hyperloop-edmonton-calgary-funding/
Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc
Like Global News on Facebook HERE: http://bit.ly/255GMJQ
Follow Global News on Twitter HERE: http://bit.ly/1Toz8mt
Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB
#GlobalNews