Imagined by tech billionaire Elon Musk in 2013, the Hyperloop is a concept for a new mode of transportation in capsules travelling through a nearly depressurized vacuum tube at speeds up to 700 miles per hour.
The Paradigm design was the only one in the competition using air bearings instead of magnets.
The team posted on Twitter Sunday night that they successfully completed the high-speed test run, reaching a top speed of 101 km/h.
“As the sun sets, we take home the 2nd place prize for speed, however, history has been made this day by proving the air bearing concept,” the team tweeted.
“We would like to thank all the fans & sponsors who believed in us along the way. Without your support, none of this would have been possible.
“To be able to represent North America on the global stage has been a huge honor & a shoutout to all the other teams that came out this week.”
Local politicians gushed about the victory on Twitter. Tourism, Culture, Industry and Innovation Minister Chris Mitchelmore tweeted: “Newfoundland and Labrador is so very proud of your innovation.” Premier Dwight Ball said: “Innovation at its very best. We are so incredibly proud of all that you have accomplished. The future is bright!”