Texas Central Partners has secured a $300 million loan from Japanese sources for the proposed high-speed rail project.
The Dallas Morning News reports that the company will use the funds to move forward with permitting, design and engineering of the system that will provide service from Dallas through Central Texas to Houston.
The report says Texas Central plans to use Japanese high-speed rail technology for the privately-funded project.
Work on the $15 billion system could begin as early as next year and the train could be in operation as early as 2024.
The train, traveling at speeds of 240 miles per hour, would make the trip from Dallas to Houston in 90 minutes with one stop in Grimes County.
The Texas Commission on Environmental Quality and the Federal Railroad Administration are both studying the project.