The jetpack manufacturer Martin Aircraft of Christchurch, New Zealand, went public Tuesday on the Australian Stock Exchange. After raising over $21 million in its initial public offering last week, the company is promising the first model will in 2016.
According to CNN Tech, the prototype gets about 30 minuets of flight time at a max speed of 46 MPH, with an top altitude at 3,000 feet.
Company founder Glenn Martian took 30 years to prefect the design in his garage. CEO Peter Coker said, "Commercial Jetpacks are no longer the domain of science fiction." Although the company still must work out regulatory and insurance issues. "The dream of Glenn Martin to create a commercial Jetpack is about to be realized," he told reports.
Martian Aircraft of Christchurch wasn't the first company to promise something extreme. But the companies that say have something in works never show for it.
"I always knew it would be a long road to develop a wearable jetpack," Martin told the newspaper. "The United States military had thrown lots of cash at big companies in the 1950s and 1960s that failed to come up with anything practical, and here I was just a Kiwi bloke in a garage with a hobby."
just last week the company started taking $5,000 deposits on a personal jetpack, but its first commercial product will be for first responders, the government, border security and corporate clients. Total the final version will sell for around $200,000, plus a choice of customization.