17 Feb 2010

Jetpack maker looking to start production in NZ

8:08 am on 17 February 2010

The maker of a personal jet-powered flying machine is still hoping to start production in New Zealand after doing a $12 million deal to have the craft built overseas.

Martin Aircraft's jetpack will go into production in about six months, with an offshore investor hoping to build 500 of the machines a year.

Chief executive Richard Lauder says the deal sees his Christchurch company providing the technology and the joint-venture partner, putting in the $12 million capital.

He says he's still looking for capital to develop other business plans.