TransPod Launches Next Stage of Development of Ultra-High-Speed Tube Transportation in Alberta, Canada with $550M USD Finance
TransPod, the startup building the TransPod Line – a new ultra-high-speed transportation system, to disrupt and redefine commercial transportation – today announced the next phase of the multibillion-dollar infrastructure project in Alberta, Canada. Broughton Capital Group (“BCG”), in cooperation with China-East Resources Import & Export Co. (“CERIECO”), have agreed in principle to provide a combined US$550M finance and Master EPC arrangement respectively to accelerate development of a TransPod Line between Edmonton and Calgary and drive economic growth in the region. An already-released feasibility study on the TransPod Line confirmed that this ultra-high-speed transportation project will create up to 140,000 jobs and add $19.2B to the region’s GDP throughout construction, and the Master EPC arrangement is expected to involve significant contribution from Canadian contractors.
“As the first and only company to confirm such finance for a multibillion-dollar tube-transportation infrastructure project, TransPod is proud of its commitment to driving growth in Alberta through true innovation and partnership,” said Sebastien Gendron, co-founder and CEO, TransPod. “The construction and operation of a TransPod Line will help Albertans move around easily, create new jobs, and facilitate investment into the region. With the confidence of our investors and the Government of Alberta, we will deliver on a joint vision of a progressive, sustainable, and growing economy.”
Key highlights from the Alberta TransPod feasibility study include the following:
- Substantial economic growth: The Alberta TransPod Line will add $19.2 billion (or 6.25 per cent) to the province’s GDP by the year 2030.
- Significant employment growth: The Alberta TransPod infrastructure project will create 15,600 jobs per year, totaling 140,000 jobs over nine years.
- Improved affordability for travellers: Riding TransPod will take 45 minutes from Calgary to Edmonton, at an estimated ticket cost of $90 CAD, compared to more than three hours spent driving or a plane ticket costing about $162.
- Reduction in carbon footprint: Over the course of a year, the expected ridership between Calgary and Edmonton will reduce CO2 emissions by 636,000 tonnes per year, or the equivalent of planting a forest four times bigger than Calgary.
“One of BCG’s strategic goals is to invest in innovative projects and our alignment with CERIECO for the TransPod project suits that objective strongly and bodes well for future projects. We are looking forward to moving this forward,” said Broughton Capital Group.
The next phases of the Alberta TransPod project are as follows:
- Short-term: Research and development; construction permit; environmental assessment; land acquisition (present-2024)
- Medium-term: Test track construction, high-speed tests, and certification (2023-2027)
- Long-term: Construction of a full inter-city line between Edmonton and Calgary (to begin in 2027)
“Our partnership with BCG and TransPod offers strong alignment of strategic goals, a complimentary approach to infrastructure development that we believe will add significant value across innovative projects in Canada,” said CERIECO.
To support regional job development and provide employee training for the TransPod Line in Alberta, TransPod has partnered with Building Trades of Alberta to leverage its regional expertise and partner network.
“TransPod is an exciting, game-changing leader for the future of green infrastructure and transportation in Canada and beyond,” said Terry Parker, Executive Director, Building Trades of Alberta. “Not only will it help Canada tackle its carbon goals, the Alberta TransPod project will create thousands of well-paying, community-supporting jobs for Alberta’s skilled trades workers, including those from Indigenous communities, women, new Canadians, and apprentices. The Building Trades of Alberta — and its more than 60,000 members — is ready and excited to be part of this project.”
Colliers Capital Markets, a subsidiary of Colliers International, acted as financial advisor to TransPod.
About TransPod Inc.
TransPod’s goal is to disrupt and redefine commercial transportation between major cities in developed and emerging markets. The startup was founded in 2015 to build the world’s leading tube-transportation system (the TransPod Line) to connect people, cities, and businesses with high-speed transportation that is affordable and environmentally sustainable. TransPod Inc. is headquartered in Toronto, Canada.
Visit www.transpod.com to learn more.
About Broughton Capital Group
Broughton Capital Group (BCG) is a UK based project finance funder, in which our specialism as arranger and provider of debt finance as senior lender, is with a focus on a variety of project sectors worldwide in both the public and private sectors. We are highly experienced with a first-class team internally and externally. As an alternative finance provider, we aim to provide finance solutions not always available in the conventional project finance market and as such we strive to be creative, flexible and competitive in the finance terms we can offer as lender.
Visit www.broughton-capital.com to learn more.
Established in 1993, CERIECO is a Chinese state-owned enterprise with projects in over 30 countries. CERIECO is a general EPC contractor with specializations in infrastructure and real- estate construction, and export credit finance. CERIECO operates in Canada under CERIECO Canada Corp.
Visit www.cerieco.com to learn more.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Dianna Lai Read
Colliers Capital Markets
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Envoy Gateway Makes Using Envoy Proxy Easier for Developers and Reverses Fragmentation16.5.2022 06:01:00 CEST | Press release
Members of the steering group for Envoy Gateway (EG), including Envoy creator Matt Klein and representatives from Ambassador Labs, Fidelity Investments, Tetrate, and VMware, Inc., today announced their joint commitment to the project, which launched today at KubeCon + CloudNativeCon, Europe 2022, under the auspices of the Cloud Native Computing Foundation® (CNCF®). Envoy Gateway is a new effort within the Envoy proxy open source project to simplify Envoy use in cloud-native application development. Envoy Gateway will reduce existing, redundant efforts around Envoy and make it much easier for application developers to use Envoy as a basic API gateway “out of the box” and as a Kubernetes Ingress controller. Exposing a simplified set of APIs, and implementing the Kubernetes Gateway API, EG makes it easier to extend Envoy. Developers will now have a cost-free, unfettered way to provide external access to their work in progress. At the same time, Envoy Gateway will not replace API managemen
Boehringer Ingelheim’s latest investigational treatment slowed lung function decline in people living with idiopathic pulmonary fibrosis15.5.2022 18:41:00 CEST | Press release
Today, Boehringer Ingelheim announced Phase II data for BI 1015550, a novel investigational phosphodiesterase 4B (PDE4B) inhibitor, that was published in The New England Journal of Medicine (NEJM). The promising 12-week data that showed a reduction in the rate of lung function decline in patients with idiopathic pulmonary fibrosis (IPF) will also be presented at the American Thoracic Society (ATS) International Conference Breaking News session on May 16 in San Francisco.1 “These encouraging, early data showed that treatment with BI 1015550 slowed the rate of lung function decline in patients who were not on approved antifibrotics, as well as those who were taking existing antifibrotic therapy,” commented Luca Richeldi, Professor of Respiratory Medicine at the Università Cattolica del Sacro Cuore in Rome, Italy, and the Principal Investigator on the trial. The primary endpoint of the trial was the change from baseline in forced vital capacity (FVC) – meaning the maximum amount of air (m
REPLY: The Board of Directors Approves the Quarterly Report Dated 31 March 202213.5.2022 13:24:00 CEST | Press release
Today, the Board of Directors of Reply S.p.A. [EXM, STAR: REY] approved the results as at 31 March 2022. Since the beginning of the year, the Group has recorded a consolidated turnover amounting to €440.9 million, an increase of 25.1% compared to the corresponding data for 2021. All indicators are positive for the period. In the first quarter of 2022 the consolidated EBITDA was €70.9 million compared to €59.6 million in 2021, equal to 16.1% of the turnover. EBIT, from January to March, was €57.7 million (€47.9 million in 2021), and is equal to 13.1% of the turnover. The profit before tax, from January to March, was €59.4 million (€47.6 million in 2021), equal to 13.5% of the turnover. The net financial position of the Group on 31 March 2022 is also positive by 279.7 million. The net financial position on 31 December 2021 was positive for €193.2 million. The comparison with the figures recorded at the end of March 2020 is even sharper. Over the past 24 months, first-quarter turnover inc
Tecnotree Launches Total Digital Transformation Suite for Enterprises and Customers of MTN Ghana13.5.2022 12:00:00 CEST | Press release
Tecnotree, a Finnish-based global provider of digital transformation solutions for Communication Service Providers (CSPs) and Digital Service Providers (DSPs), announced the launch of its digital transformation stack, for enterprise and consumer businesses with MTN Ghana, one of the leading telecommunications service providers in Ghana with over 25.3 million subscribers. This transformation for B2B and B2C empowers the operator with rapid response capabilities, allowing it to meet its enterprise market demand and deliver augmented customer experiences at a reduced cost. Tecnotree’s Digital Transformation Suite 5 product stack is completely TM Forum compliant and deploys a micro-services-based architecture with built-in features for price approvals and overriding, on-boarding and monitoring of cash flow orders via the Customer 360 view, enabling self-care features for consumers and enterprises to manage their accounts, monitor onboarding, raise tickets and service requests. In addition,
Electric Truck Starts Operations at PUMA’s Warehouse in California13.5.2022 09:35:00 CEST | Press release
Sports company PUMA has started transferring goods from the port of Los Angeles to its warehouse in Torrance, CA, with a fully electric truck, an initiative, which is part of the company’s strategy to reduce carbon emissions throughout its business. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220513005146/en/ Sports company PUMA has started transferring goods from the port of Los Angeles to its warehouse in Torrance, CA, with a fully electric truck, an initiative, which is part of the company’s strategy to reduce carbon emissions throughout its business. (Photo: Business Wire) The Freightliner truck, which is operated by PUMA’s drayage partner NFI, is a first test vehicle. By the third quarter of 2022, the company expects to have five electric trucks in operation to carry goods from the port to the warehouse. “For us this is a huge step towards cleaner logistics. Instead of using an LNG or a clean diesel truck, we can now