LOOK: Boston-Based Company Creates 'Seaglider' That Moves 180 MPH Above The Water

BOSTON (CBS) -- Boston-based company Regent has created what it calls the world's first "seaglider." The all-electric vehicle is a cross between a boat and an airplane.

It can travel up to 180 mph, never flying higher than a wingspan above the water.

Both the creators studied at MIT.

Billionaire Mark Cuban is one of the investors behind the seaglider.

"The efficiency of coastal transportation will be 100x greater with REGENT. There is no other way to describe it," he said in a statement.  "The idea of having to get between 2 coastal points is always stress inducing. Regent changes all that and makes it fast and easy."

Regent said it has almost half a billion dollars in orders from airlines and ferry companies. The seaglider should start carrying passengers by 2025.