New Zealand firm Martin's personal jetpack blasts off in listing
New Zealand aviation firm Martin brings dream of science fiction writers within reach after soaring IPO on the Australian stock exchange
A mainstay of popular science fiction and futurist conventions since the 1920s, the personal jetpack moved a step closer to reality yesterday when the New Zealand-based Martin Aircraft Company listed on the Australian stock exchange.
The stock soared by 63 per cent in its debut, after the jetpack maker raised A$27 million (HK$163 million) to help bring its personal aircraft to market.
Martin, which struck a financing deal with Hong Kong-based Kuangchi Science worth A$50 million over the next two years, hopes to start delivering the US$200,000 jetpacks initially to fire, police and rescue services in the second half of 2016.
The investment from Kuangchi, developer of a helium-powered, floating platform that transmits Wi-fi signals from the edge of space, will enable Martin to speed up its research and development capabilities.
"Kuangchi Science will bring alien technology to the company. It will enable us to make a lighter, stronger jetpack and increase its lift capability even more," company spokesman Mike Tournier said. Technically neither a jet nor a pack, the aircraft are powered by 200-horsepower petrol engines, with two ducted fans to provide lift and directional control. They can reach altitudes of 1,000 metres and fly at 74 km/h.
Martin Aircraft said it was currently taking orders for jetpacks for personal use to be delivered in 2017 and would form a joint venture with Kuangchi to market the flying machines in China, where interest from wealthy individuals was growing.
"They're not looking for it as a replacement for their cars, but they just want a jetpack. It's the thing to have," Tournier said.