Martin Aircraft CEO Peter Coker told CNBC,
“We’ve developed this for our first responders, fire, police, natural disaster, and recovery. It creates a lot of air and then we’re able to move the aircraft around by guiding it over certain vanes where it can actually get up to about 74 kmh.”
The jetpack can be controlled remotely, or by a pilot and is capable of reaching places that are often inaccessible to cars and helicopters.
What also makes the Martin Jetpack a realistic option for commercial use is the classification regulations the company has been able to hurdle. The company says that the jetpack is currently classed as a lightweight aircraft.
“It’s registered as a microlight aircraft with the new Zealand Civil Aviation Authority so that makes it easy for us because a lot of other countries around the world are recognizing that for us. We actually have a team looking at the regulatory requirements, but we don’t see it as a big issue and a lot of them are asking us to write up the rules because there’s nothing like this in the world,” Coker explained.
After the signing of the company's four new relationships, Coker said, "The Company has progressed rapidly since its public listing on the Australian Securities Exchange earlier in the year. We are now well on the path to commercialization and our move from a Research & Development company to a commercial entity is well marked today with these announcements."
After the announcement of their new international partnerships, shares in New Zealand-based Martin Aircraft skyrocketed almost 45 percent on the Australian stock market on Wednesday.