It's both. This design focuses on quieting the airflow. From TFA:
The team started working last September. They hoped to improve an electric or battery-powered leaf blower, which is already much quieter than the notorious gas-powered ones, where the sound can carry over an average suburban block.
I don't believe that part - the ones shown in the picture/videos are brushless motors, quite efficient (90%) and really silent on their right own.
The noise comes from the need to move air (and the noise is just air waves), along with certain vibrations. A brushless motor is super silent if you exclude the fan(s) cooling it.