Martin Aircraft is going to make jetpacks for Dubai firefighters and its shares are going nuts

The Martin Aircraft jetpack. Supplied.

Martin Aircraft has signed a memorandum of understanding (MOU) with Dubai to supply jetpacks and training to its civil defence and fire services.

Shares in Martin Aircraft jumped more than 12% on the news to $0.71.

The MOU, which still needs a final supply agreement, was signed at the Dubai Air Show. Martin Aircraft is developing the world’s first commercial jetpacks.

New Zealander Glenn Martin has been developing the jetpack, with distinctive mid-mounted fan ducts, for more than 30 years. The machines are expected to retail for $US200,000 when they are released to the market mid next year.

Ali Almutawa, a lieutenant colonel in the United Arab Emirates, says the vision of Dubai Civil Defence is protecting lives, properties and the environment.

“The introduction of Martin Jetpacks into our fleet of emergency response vehicles is another example of how Dubai leads the world,” he said.

The parties are working towards the delivery of a package of up to 20 Jetpacks and two simulators. It will also include initial training and operational support.

CEO Peter Coker says Martin Aircraft has focused on the first responder markets for introduction of its innovative jetpacks.

Here’s the latest flight test of the jetpack:

Last month the Civil Aviation Authority of New Zealand approved Martin Aircraft’s latest model, the Prototype 12, for manned flight.

The Prototype 12 jetpack passed a Sports Aircraft Corporation annual airworthiness inspection and received a New Zealand Civil Aviation Authority (CAA) Manned Flight Permit.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.