Companies To Finance Elon Musk’s 700 MPH Hyperloop Concept

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.

Countries in Europe and Asia are filled with high-speed bullet trains, bringing passengers from Paris to London or Tokyo to Kyoto within 2.5 hours.

But hyperloops could bring passengers from Los Angeles to San Francisco in 45 minutes.

Elon Musk introduced the concept of the hyperloop in 2013, but the US still doesn’t have one. So what’s the holdup? It all comes down to technology, money, and construction.

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.