Elon Musk's The Boring Company has finally emerged as winner in securing the necessary permission to build a high-speed express train to Chicago's O'Hare International Airport, according to CNBC. The company confirmed the development in a tweet that mentioned "We're really excited to work with the Mayor and the City to bring this new high-speed public transportation system to Chicago!" The planned system, called the Chicago Express Loop, will carry passengers in battery-powered vehicles through tunnels at speeds of up to 150 miles per hour. (See also, Boring Company's Tunnel 'Almost Done': Musk.)

Boring Company Wins Chicago Airport Express Bid

Chicago Mayor Rahm Emanuel had last year called for bids for the O'Hare Express operating system. It involves designing, building, financing, operating and maintaining the system through a public-private agreement with the city. It is expected to cut down the travel time from the airport to the city to between 12 and 20 minutes.

The high stake game saw The Boring Company beating rivals including an infrastructure fund backed by former basketball star Earvin "Magic" Johnson and a consortium that included engineering company Mott MacDonald, which worked on the development of a terminal at London's Heathrow airport.

While the project's estimated cost and its tentative timeline are not yet known, it has been confirmed that Musk’s Boring Company will bear the cost of the project. Details will emerge as the discussions and negotiations between the company and city officials proceed. A source familiar with the matter mentioned that the company expects the cost of the project to be less than $1 billion.

Earlier, Musk had mentioned a high-speed loop connecting the airport to the Chicago city center. The mayor’s office said that each vehicle would carry up to 16 passengers and their luggage, and would depart from O'Hare and downtown Chicago as frequently as every 30 seconds, CNBC adds. The expectations are that the premium shuttle service should cost less than the present-day fares of cabs and ride-share services. (See also, LA Rides in Musk's Boring Co. Tunnels to Cost $1.)

The Boring Company was conceptualized and built by Musk for building an underground network of interconnected tunnels in cities like Los Angeles. As the roads continue to become congested in cities, underground tunnels can provide an efficient alternative. The company raised capital through a unique way – it sold company merchandise including hats and flamethrowers. (See also, Elon Musk's Boring Co. Now Has a $600 Flamethrower.)