June 25, 2019 - St. John's (NL) - Atlantic Canada Opportunities Agency
Supporting initiatives that embrace clean technology and advanced manufacturing in Atlantic Canada fosters an innovative culture and boosts the local economy. With support from the Government of Canada, a student group from Newfoundland and Labrador will continue to revolutionize the transportation industry by developing a second Hyperloop and competing in a global competition.
The Hyperloop concept is focused on delivering a ground mode of transportation at speeds over 700 mph, where vacuum tubes would stretch from destination to destination and pods would travel inside them. Paradigm Hyperloop, a group with students from Newfoundland and Labrador and Boston, will be competing in the SpaceX Hyperloop Competition in California this July with a view to accelerating the design and feasibility of the Hyperloop. Past student participants have leveraged this experience to give them employment opportunities at firms such as Tesla and Google, while others have created firms in Newfoundland and Labrador.
The Government of Canada is providing a non-repayable contribution of $174,048 for this project and the Government of Newfoundland and Labrador is contributing $87,024 to the project.
The Honourable Seamus O'Regan, Minister of Indigenous Services and Member of Parliament for St. John's South-Mount Pearl, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), and the Honourable Christopher Mitchelmore, Newfoundland and Labrador Minister of Tourism, Culture, Industry and Innovation (TCII), made the announcement today.
Economic growth and the creation of good jobs for Atlantic Canadians require innovation and diversification. Support for this project is one way the Government of Canada is growing the innovation economy by working to sustain strategic clusters, and enhance the development and reach of business accelerators and incubators. Projects like this also contribute to the Atlantic Growth Strategy outcome of long-term economic prosperity in the region.
"Our government is laying the foundation for Canadians to become more competitive and succeed in the global economy. The Government of Canada is pleased to invest in Paradigm Hyperloop's clean technology initiative that will assist with efforts to commercialize Hyperloop technologies."
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA
"Paradigm Hyperloop is playing an important role in advancing the clean transportation sector globally, and the Government of Canada is pleased to support their work. Their participation in the SpaceX Hyperloop Competition will create opportunities for Atlantic Canada to succeed in international markets."
- The Honourable Seamus O'Regan, Minister of Indigenous Services and Member of Parliament for St. John's South-Mount Pearl
"The Paradigm Hyperloop team continues to impress with their innovative designs and product development. The team's quest to revolutionize the transportation industry speaks to the skills and capabilities of these students. Our government recognizes the importance of growing the innovation economy in Newfoundland and Labrador."
- Honourable Christopher Mitchelmore, Minister of Tourism, Culture, Industry and Innovation
"Without the support of both the federal and provincial government, our success and participation in the SpaceX Hyperloop Pod Competition would not be possible. Paradigm Hyperloop aims to develop a fifth mode of transportation, the hyperloop while fostering innovation and economic growth. The team is very grateful for the tremendous local support we have received in this mission."
- Nathan Power, Project Manager, Paradigm Hyperloop
Quick facts
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The Newfoundland Hyperloop Student Group Inc. (NHSG) is currently an alliance of two post-secondary institutions: Memorial University of Newfoundland and the College of the North Atlantic. This group has partnered with a third team at Northeastern University of Boston, and the three entities jointly operate under the branding of Paradigm Hyperloop for the SpaceX Hyperloop Competition.
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The Government of Canada is investing $174,048 in this project through ACOA's Regional Economic Growth through Innovation program. The provincial government is contributing $87,024 toward this $290,000 project.
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The Regional Innovation Ecosystems stream of the Regional Economic Growth through Innovation (REGI) program supports the creation and growth of inclusive regional ecosystems that support business needs and fosters an entrepreneurial environment conducive to innovation, growth and competitiveness.
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The Regional Economic Growth Through Innovation program continues to build on the objectives of Government's Innovation and Skills Plan.
