A jetpack is to be commercially produced by Martin Aircraft following a joint venture deal with an undisclosed partner.
The Martin Jetpack is a 200hp, dual-propeller flying device that can fly at up to 63mph and as high as 8,000ft powered by gasoline.
The 5ft jetpack, equipped with a parachute and retractable undercarriage, weighs about 530lb and will be the first mass-produced jetpack in the world.
The jetpack, classified as an ultra-lightweight aircraft under FAA regulations, will not require a pilot's licence to operate in the US, but requires training for operation.
Company chief executive Richard Lauder said that the $12m joint venture would build the jetpacks at an overseas facility with the aim of making 500 units worth $100m in three years.
At present, the device is capable of reaching heights of about 2,400m but needs further safety testing to prepare it for commercial production.
New Zealand-based Martin plans to sell the flying devices to emergency response organisations, such as the police and military.
