Chinese deal for Martin Aircraft jetpacks

Martin Jetpack managing director and chief executive Peter Coker

Christchurch-based Martin Aircraft [ASX:MJP] has signed a deal in China for 100 of its flagship jetpack products.

The company’s Hong Kong-based joint venture KuangChi Martin Jetpack has signed three agreements for a 100 manned jetpacks and 20 simulators, subject to agreeing procurement contracts by June, which will include the final purchase price.
 
Yesterday, the company held the first public flight demonstration of the P12 jetpack at the OTC Waterpark in the southern Chinese city of Shenzhen, in front of a crowd of about 2400.

China is one of the fastest growing markets for aviation and recent civil aviation developments mean previously off-limits airspace is being opened up for civilian operations.

The jetpack can be flown by a pilot or via remote control and its potential use includes search and rescue, military, recreational, and commercial applications.

It can to fly for 30 minutes at a speed of up to 74 kilometres an hour at an altitude of 1000 metres, compared to its nearest competitor with only 30 seconds of flight.

Martin Jetpack, which launched on the ASX in February at A60c and reported a 2015 annual loss of $5.2 million in August, is moving towards full commercialisation.

Last month it signed a memorandum of understanding with Dubai Civil Defence for an initial tranche of up to 20 jetpacks and two simulators. The agreement covers intended future delivery of manned and unmanned jetpacks, simulators, spare parts, support services and pilot and engineer training.

A Chinese entrepreneurial investor, Hong Kong exchange-listed KuangChi Science, bought most of the shares offered in the IPO – 52.5 million – for $A21 million.

KuangChi Science and Martin Aircraft own 51% and 49% respectively of the Hong Kong listed joint venture, after each paying $2 million in share capital. 

The business was founded in 1998 by Glenn Martin – who quit abruptly last June – after tinkering with jetpacks for years in his Dunedin garage.

Its stock price is at A97c this morning.

If you are travelling by Air New Zealand this week, remember Koru Lounge wi-fi provides you with FREE access to NBR ONLINE premium content.


3 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Post Comment

3 Comments & Questions

Commenter icon key: Subscriber Verified

What has been holding up the Jetpack for a considerable number of years is the development of the emergency parachute.
They are going to fit a ballistic parachute to it but are they going to develop the special low level parachute which opens in about a second and means that the pilot will be able to survive an engine failure even at very low level?
This parachute is a very special parachute which I think needs tiny rockets to help the canopy spread once it has been activated. Rocketlab were going to build it but it seems that hasn't gone anywhere. It possibly costs a lot of money to build, test and validate this parachute.

Reply
Share
  • 0
  • 0

really good martin jetpack

Reply
Share
  • 0
  • 0

why is the martin jet pack so popular

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6952 0.0000 0.00%
AUD 0.8901 0.0000 0.00%
EUR 0.5907 0.0000 0.00%
GBP 0.5276 0.0000 0.00%
HKD 5.4294 0.0000 0.00%
JPY 78.9230 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1278.6 -9.430 2017-10-20T00:
Oil Brent 57.8 0.550 2017-10-20T00:
Oil Nymex 51.9 0.580 2017-10-20T00:
Silver Index 17.0 -0.177 2017-10-20T00:

Indices

Symbol Open High Last %
NZX 50 8124.1 8142.3 8124.1 0.07%
NASDAQ 6633.4 6640.0 6605.1 0.36%
DAX 13057.8 13063.6 12990.1 0.01%
DJI 23205.2 23328.8 23163.0 0.71%
FTSE 7523.0 7560.0 7523.0 0.00%
HKSE 28360.0 28519.8 28159.1 1.17%
NI225 21391.0 21489.3 21448.5 0.04%
ASX 5896.1 5924.9 5896.1 0.17%