A company aiming to operate services through the Channel Tunnel in competition with Eurostar has agreed to purchase 12 trains, it said.

Evolyn said £1 billion is being invested in its bid to start cross-Channel rail services in 2025.

The company said it is led by the Spanish Cosmen family – an investor in coach and train company Mobico, formerly known as National Express – and is backed by “important British and French industrial and financial partners”.

It said it has reached an agreement to acquire 12 trains from French manufacturer Alstom, with an “option to scale up to 16”.

We know that the governments of the United Kingdom and France welcome a project that will allow their citizens to increase the connection options between the UK and several countries in continental Europe

Evolyn chief executive Jorge Cosmen said: “The acquisition of 12 high-speed, state-of-the-art trains, to be expanded to a minimum of 16 according to our forecasts, is the definitive step in the materialisation of Evolyn, a high-speed rail operator that has been under development for three years and that today marks a very important milestone.

“We know that the governments of the United Kingdom and France welcome a project that will allow their citizens to increase the connection options between the UK and several countries in continental Europe with a green alternative that will also contribute to decarbonisation.”

Eurostar is the only company that has run passenger trains since the Channel Tunnel opened in 1994.

Other proposed rival operators have been unable to overcome regulatory hurdles.