Speaking to CNBC at the Web Summit in Dublin, its CEO Rob Lloyd – who is a former president at Cisco – said governments will jump on the Hyperloop bandwagon once they see the positive impacts the project could have on their economies.
"We can actually see areas of the world that just can clearly understand the economic advantage of Hyperloop. They can see how labor markets could change, how economic efficiency could be driven, and we expect that very top level support for Hyperloop will emerge," he explained.
Hyperloop's conceptual design consists of a number of pods, carrying either people or freight, shooting through a low-pressure tube with the help of an electric motor. The pods would be elevated, levitating off the bottom off the track, nixing the need for wheels that increase friction and reduce speed. Ultimately, it would help transport goods nearly as fast as the speed of sound.
"You can move people or goods in excess of 700 miles an hour, (and) you can move them on demand," Lloyd told CNBC.