Jetpack maker Martin Aircraft launches on Australian Stock Exchange

A NEW Zealand-based jetpack maker is putting its strap-on flying machine on the Australian share market. Has our Jetsons future finally arrived?

Are jetpacks set to fly at last?

GET ready for lift-off: New Zealand-based jetpack maker Martin Aircraft is putting its strap-on flying machine on the Australian share market. So when can you buy one?

The company says it is working on delivering its first commercial product in 2016.

Martin Aircraft has raised $27 million by issuing shares, most of which were taken up by China-based investor KuangChi Science.

It’s taken developer Glenn Martin more than 16 years and 12 prototypes: But now his dreams appear to have wings: if you can afford the estimated $215,000 price tag.

Dream machine ... The jetpack, left, and a close-up of its ducted fan lifter. Source: Martin Aircraft

But they won’t initially be available for the general public. Instead, the personal jetpacks are aimed at paramedics, military and police patrols and other emergency workers.

“The advantage of this is that it can land in very small spaces — much smaller than a helicopter can land in — right beside an accident,” Mr Martin told news.com.au late last year.

MORE: Up, up and away! Jetpacks coming soon

He says the idea to turn the dreams of The Jetsons, Thunderbirds and Lost in Space came to him after a drinking session at a pub.

After strapping his wife to an early prototype in 1998, he decided there was something in it after all.

The Hong Kong Stock Exchange-listed company KuangChi Science has bought a near 28 per cent stake in Martin Aircraft, plus convertible notes to be taken up in the future to give it a majority stake.

The funds raised by the listing will go toward a commercial jetpack planned for the second quarter of 2016.

The US Department of Homeland Security is reportedly interested in the machine, which can fly for 30 minutes with a 30 kilometre range at speeds of up to 74 kilometres per hour.