Back when it was announced in Fall of 2013, the Martin Jetpack P12 Prototype promised to be the final version of what would unofficially become the world’s first commercially-available jetpack design capable of cutting through the sky a la The Rocketeer. Created by New Zealand-based Martin Aircraft company, the future-inspired designers had previously promised a mid-2014 release date for the jetpack design, however they got pushed off their timeline track due to undisclosed constraints.
This morning it was announced that Hong Kong-based investment fund KuangChi Science has injected $50 million into the aircraft company, which is supposedly enough to get them back on track and geared up for manufacturing.
“We are excited with the prospect to partner on this disruptive transport technology. With our knowledge of advanced materials, we hope to be able to help build a lighter, stronger jetpack with increased payload and range, which will open a whole new set of market opportunities here in China and globally,” said KuangChi Science executive chair Dr Liu Ruopeng.
According to Martin Aircraft CEO Peter Corker, the partnership was ideal because it brought both relevant expertise as well as a much-need cash injection to help overcome the final design and manufacturing hurdles.
“The KuangChi Science investment agreement not only brings significant capital to drive forward the commercialization of the Martin Jetpack, it also introduces a whole new R&D world of meta-material technology and advanced simulation testing that enables product development that, in our opinion, is well beyond the capabilities of even some of the world’s best aircraft manufacturers,” Corker added.
Among other areas of KuangChi’s expertise include research and development for space materials – which will certainly come in handy somewhere down the road.
The Martin Jetpack, which was invented by company founder Glenn Martin, is expected to be available for purchase in the third-quarter of 2016 with an estimated retail price of $200,000 USD. While there are certainly expected to be a lot of early adopters who can afford the aircraft, the focus of the company’s marketing campaign is to sell the jetpack to a larger market of first response and government agencies including firefighters and ambulance companies.
The last time Martin Aircraft revealed any details about the prototype, they revealed that it could reach a maximum speed of 46 mph, with a maximum flight time of around 30 minutes. During that time, at an average speed of 35 mph, the jetpack can transport a rider roughly 20 miles depending on wind conditions. While it’s recommended that the a pilot remains around 500 feet, the vehicle is capable of reaching heights of around 5,000 feet.
You can find out more over at Martin Jetpack.
Read The Martin Jetpack is Set to Go on Sale Next Year for $200,000 at SolidSmack.
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