Eurostar’s monopoly on the subsea rail link beneath the English Channel is set to be challenged by high-speed start-up Evolyn, a new joint venture reported to be backed by Mobico Group PLC (LSE:MCG), the owner of National Express.
Evolyn announced on Wednesday that it had agreed to purchase 12 high-speed trains from French manufacturer Alstom, ahead of plans to run these through the Channel Tunnel.
This could happen as early as 2025, ahead of full operational capacity a year later, according to the company.
"All in all, Evolyn will become an innovative alternative for a strategic and high-demand line both in the UK and Europe,” the company said in a statement.
Evolyn said its ownership structure was in the process of being finalised but it also comprised “French and British partners, both industrialists and investment funds, as well as financiers, and long-standing railway professionals, and international funds interested in the project”.
In July the Financial Times reported that FTSE 250-listed Mobico had held detailed talks about the service with one of its major investors, the Spanish industrialist Cosmen family.
Monopoly tunnel
Eurostar has been the sole operator of passenger services on the line since its opening in the early 1990s, with these running between London and various destinations in Europe, including Paris.
Eurotunnel Le Shuttle operates a freight and vehicle transport service through the tunnel between Folkstone and Calais meanwhile.
In 2022, Eurostar penned a core profit of €332 million, with passenger numbers having rebounded since the pandemic.
Evolyn’s agreement with Alstom could stretch to ultimately include 16 trains, with £1 billion having been poured into the project so far.