Hyperloop One completed its first full-scale test run of its hyperloop technology in a vacuum environment, the company’s co-founder Josh Giegel told FOX Business.
The high-speed transit system, which was first envision by Tesla (NASDAQ:TSLA) and SpaceX CEO Elon Musk, reached 70 miles per hour in a vacuum tube down the length of the company’s test track in Nevada.
“We sell time. We actually don’t sell a transportation system because it’s not just the journey on it, it’s how long it takes you from the moment you think about buying a ticket to the moment you get there,” Giegel told Countdown to the Closing Bell host Liz Claman.
The phase one test was part of a multi-phase program that is now entering the next campaign of targeting speeds of 250 mph and eventually transporting cargo and passengers from Los Angeles to San Francisco at 700 mph.
“We are shooting for ticket price that’s affordable for everybody so this won’t be for [the] rich only, this will be for everybody, Giegel said.
The company uses electric motors and magnetic levitation components with a vacuum system that reduces drag and uses less energy.
“This isn’t your grandmother’s mag lev [magnetic levitation]. This is stuff that really has been around for only 10, 15 years and then we have electric motor that does the propulsion,” Giegel added.
When asked if he would put his child in the Hyperloop One after it has been tested with humans, Giegal said, “I’d put my kid, my wife, my dog and my parents on it.”