Hyperloop startup seeks $9.5M from Calgary economic development fund

Hyperloop startup seeks $9.5M from Calgary economic development fund

The Ontario-based company that wants to build hyperloop technology in Alberta says it has applied for a share of the city’s $100 million innovation fund.

Sebastien Gendron, the CEO of TransPod Inc., said his company has asked for $9.5 million from the Opportunity Calgary Investment Fund (OCIF) – a $100 million fund created by the city and administered by Calgary Economic Development.

Gendron said if TransPod receives the grant, the money would be matched by private investors.

“We have private investors ready to jump in,” he said. “But they’re looking at this and asking, is the province or the city interested to do it?”

TransPod is developing technology for a proposed new form of transportation dubbed hyperloop by Elon Musk, the American billionaire who heads Tesla electric cars and SpaceX.


Read more: https://livewirecalgary.com/2018/10/09/hyperloop-startup-seeks-9-5m-from-calgary-economic-development-fund/