Shares in Martin Aircraft, the New Zealand jetpack manufacturer, jumped on a deal with a Chinese aviation company.
At the Paris Air Show, Martin’s joint venture company, KuangChi Science Martin Jetpack Ltd, has signed a co-operation agreement with Beijing Voyage Investment, a subsidairy of AVIC, for the intended future delivery of manned and unmanned Jetpacks, simulators and models.
China is one of the fastest growing markets for aviation.
The agreement aims to promote the Martin Jetpack and generate exhibition sales and after sales services in China.
Martin CEO Peter Coker said: “This is an important milestone for Martin Aircraft. AVIC is an established aircraft provider in China and having such an agreement opens up the China market to the future use of the Jetpack.”
The latest jetpack model, which has attracted interest from the Department of Homeland Security in the US, can fly 800 feet high at speeds of up to 74kmh for around 30 minutes.
The company’s shares closed up 21.7% to $0.925.