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CJPRY Central Japan Railway Co (PK)

10.70
0.23 (2.20%)
25 Jun 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Central Japan Railway Co (PK) USOTC:CJPRY OTCMarkets Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.23 2.20% 10.70 10.59 10.81 10.73 10.66 10.69 783,697 21:48:52

East Coast Train That Goes 300 MPH Is Awarded Grant

09/11/2015 3:10am

Dow Jones News


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The U.S. government has approved the first federal funds for an ambitious plan to tap Japanese technology for a high-speed train project that could carry passengers between New York and Washington, D.C. at more than 300 miles an hour.

The Federal Railroad Administration approved a grant of $27.8 million for the project, which would use magnetic levitation, or maglev, technology to whisk trains off a guideway and propel them at faster speeds than those attained by trains with wheels on rails.

The funds were granted to the Maryland Department of Transportation and Maryland Economic Development Corporation. The project is being led by a private organization called The Northeast Maglev, which is working with railway officials in Japan.

Japanese Prime Minister Shinzo Abe has pledged to provide several billion dollars in financing to partially fund the first leg of the project, which would connect Washington to Baltimore in about 15 minutes. The total cost of that portion alone has been estimated at $10 billion.

Japan plans to deploy maglev technology on a new high-speed line between Tokyo and Nagoya that is being developed by Central Japan Railway Co. Test trains have achieved speeds well above 500 kilometers per hour (310 miles an hour).

Officials of The Northeast Maglev say the federal funding will be used for planning and engineering analysis, environmental and safety reviews and compliance and permitting reviews, among other things.

Though high-speed rail projects have struggled to gain a foothold in the U.S., Japanese Ambassador Kenichiro Sasae hailed the commitment of taxpayer funds—even if only a fraction of the overall cost—as a milestone.

The project partners will prove this technology "will be a great asset to the busy Northeast Corridor," he said.

Write to Eric Pfanner at eric.pfanner@wsj.com

 

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


(END) Dow Jones Newswires

November 08, 2015 21:55 ET (02:55 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.

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