Sealegs gets $100k grant to deveop amphibian

Listed boat builder Sealegs International has received a $100,000 Technology New Zealand Grant for the research and development of one of its amphibious craft.

The grant is to go towards funding R&D of the single engine powered Sealegs RAC-Jet, which will incorporate a specially designed hybrid air/water cooling system to allow the amphibious craft to operate on land and water.

Sealegs International chief executive David McKee Wright said the concept had received interest from recreational boaters as well as military, police and rescue organisations from around the world.

A commercial version of the Sealegs RAC-Jet is expected to be in production and available by the end of 2005 with a price of $98,000.

Shares in Sealegs were up 5c, or 20 per cent, in early trading today, to 30c.

- NZPA