Transurban announced that financial close has been reached on the approximately USD 660 million 495 Express Lanes Northern Extension Project (NEXT or the Project). The Project will extend the existing 495 Express Lanes four kilometres north towards Maryland, improve congestion and reduce local neighborhood traffic. In addition, as part of the project, the Commonwealth of Virginia and Transurban will support the launch of new transit services, as well as the construction of bicycle and pedestrian connections along the NEXT corridor.

A binding proposal was accepted by the Virginia government and commercial close was reached earlier in Fiscal year 2022. Early construction works have commenced with project opening expected in 2025.