KEY POINTS:
A Christchurch firm's efforts to develop a personal flying machine received a boost of nearly $1 million from the Foundation for Research, Science and Technology.
Inventor Glenn Martin launched the Martin Jetpack - flown by his 16-year-old son Harrison - at an airshow in the United States in July.
Today the foundation, a government agency, said it had approved a $968,430 investment by its TechNZ arm in the jetpack.
The funding would allow Mr Martin to carry out additional research and development to improve the performance and safety features of the jetpack.
The investment announced today was TechNZ's second in the Martin Jetpack, following $500,000 in February 2007 for earlier research and development.
Foundation business investment director Eileen Basher said the TechNZ investment was being made because of the international market potential for the invention.
"This is a challenging project, but Glenn Martin has a track record of improving each prototype and has experienced people around him to build the company," she said.
"Its success would reinforce New Zealand's reputation as a high-tech country."
In approving the application, the foundation noted several firm orders had been received for the jetpack, and expressions of interest for many more following its US debut.
Venture capitalist Jenny Morel's No 8 Ventures company had also invested significantly in the project in recent years, an indication of its commercial potential.
The potential was not for the jetpack alone, but also for the engine, which had other potential uses, she said.
"This TechNZ investment will help achieve Glenn Martin's goal of getting safe, high performing aircraft to the first paying customers in the second half of 2009."
The pack is run by a 200 horsepower water-cooled, piston engine, similar to a car, driving downward-facing fans on either side of the pilot. Flaps at the bottom of the fans are used to direct air and steer.
- NZPA
