CHRISTCHURCH, New Zealand, May 31 (UPI) -- New Zealand's aero-engineering firm Martin Aircraft Co. is seeking $10 million to develop its Martin Jetpack for commercial sales.
Martin Aircraft Co., which has headquarters in Christchurch, New Zealand, is seeking capital to begin producing 500 packs a year, Business Day reported Tuesday.
Militaries from around the world have expressed interest in the 200 horsepower dual-propeller packs, capable of traveling 30 miles in 30 minutes on a full tank of fuel.
Given their weight of 254 pounds, the jetpacks don't require a pilot's license to operate.
In recent successful test flights Martin Aircraft's jetpack climbed at a rate of 800 feet per minute, reaching an altitude of 5,000 feet, cruise at 60 miles per hour and fly for half an hour or more.
While the proposed retail price for a civilian jetpack is $100,000, a jetpack modified for use in the military or border patrols is projected to cost about double that due to modifications around lift, flight time, speed and temperature range.
