A high-speed train that could cut travel time between Calgary and Edmonton to just 45 minutes is one step closer to being a reality.
Toronto-based company TransPod has secured a $550M investment in its "hyperloop" high-tech transportation system.
The futuristic hyperloop system would see passenger-carrying pods travel in a low-pressure tube at speeds of up to 1,000 km/h.
The pods, which the company says are like a "plane without wings" would use "electrically driven linear induction motor technology" to propel them to incredibly high speeds.
Investment for the project has come from the U.K.'s Broughton Capital Group and China's CERIECO.
A feasibility study on the project said it could create 140,000 jobs in Alberta and add $19.2 billion to the province’s GDP by 2030.
The project could reduce carbon emissions in the province and cut the cost of travelling between Calgary and Edmonton for passengers, the company said.
However, there's still some time to wait until the hyperloop is a reality. TransPod is currently in its research and development stage before it begins testing on a test track in 2023. Construction on the line itself isn't due to begin until 2027.
In a statement, Sebastien Gendron, co-founder and CEO of TransPod, said: "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."