It's a start
I think it's a good basic premise. It is certainly not new--I've seen similar ideas in science magazines 10-15 years ago. It is certainly not perfected.
Looking at the video the crank seems to be set up for one speed only--not very efficient. As far as speed, the only way you are going to see sustained 40 mph is if you get a half dozen wold class athletes to draft together.
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