Martin Aircraft shares jumped 8.7 per cent after the developer of the world's first commercial jetpack signed an agreement to supply its products to the United Arab Emirates for use by emergency services.
Martin Aircraft signed a memorandum of understanding at the Dubai Air Show with the directorate of civil defence in Dubai for the intended future delivery of manned and unmanned jetpacks, simulators, spare parts, support services and pilot and engineer training for civil defence and fire service personnel, the Christchurch-based company said in a statement.
It covers an initial tranche of up to 20 jetpacks and two simulators with final details subject to agreeing a supply contract, it said.
The shares advanced A5.5c to A68.5c (73.9c) on the ASX. The company debuted on the ASX in February, after raising A$27 million to fund the commercialisation of its Martin Jetpack in an initial public offering at A40c a share.
Martin Aircraft, which posted an annual loss of $5.2 million in the year through June, has said it expects to make the first commercial deliveries of its jetpack next year.
The jetpack can be flown by a pilot or remote control and potential uses include search and rescue, military, recreational, and commercial applications. It can to fly for 30 minutes at up to 74km/h at an altitude of 1000m.