Peters landing team will invest $100 million in new land and infrastructure on the coast of Alaska, the company announced Monday.
The investment, made in partnership with Alaska Department of Transportation, is part of a plan to create a “high-capacity, long-term sustainable transportation corridor for shipping” in the North Slope of Alaska.
The project will add new roads, bridges, and tunnels, and will include new shipping terminals, new passenger terminals, and other infrastructure, the news site reports.
The land, which will include an estimated 300 acres of land and a marine terminal, will be leased for $150 per acre, the site reports, citing a company statement.
“We believe we have the right combination of the right location, the right land, the infrastructure to deliver the next generation of Alaska’s transportation infrastructure,” Peters chairman and CEO Tim Peters said in a statement.
The company, which is based in Anchorage, is currently working with the Alaska Department, Alaska Transportation Authority, and the Anchorage Port Authority to develop a “significant new terminal, which would be a major catalyst for economic development in the region.”
The company has raised $1.6 billion in capital from private and public investors since it began operations in 2015, and Peters’ initial investments have already seen its value rise by about 40 percent since then, the Associated Press reports.
The company has also expanded its footprint in the U.S.
The news site also reported that the company has secured a $50 million grant from the National Science Foundation to develop its first-of-its-kind “virtual habitat” that will allow residents to live and work in virtual reality environments on the ocean.
The project will provide the first test beds for new virtual habitats in the world.
Peters, which has a history of investing in transportation projects, was one of the earliest companies to make investments in Alaska in 2016, according to the AP.