Slimmed-down Jetpack in hands of HK shareholder
The maker of the Martin Jetpack, Martin Aircraft Company, has become a skeleton of its former self following the recent loss of senior executives and uncertainty about the future of its intellectual property.
Ex-chief executive James West departed a few weeks ago and his replacement, Ben Taylor, followed soon after, along with Angela Wan, who had taken over as chief financial officer.
They are bound by confidentiality clauses, but inside sources said the company has neither the necessary staff nor CAA certification to conduct test flights.
They said the company has about 10 staff left, compared with 100 more than a year ago.
According to company documents, West would have received a $200,000 termination payment.
Melbourne-based director Ran Elias, who was appointed by major shareholder KuangChi Science, is a spokesman for Martin Aircraft. He declined to comment via a message from the company’s Christchurch office.
The two other directors are Vincent Gar-gene Leung and Dr Lin Luan, the latter of whom is a director and chief technology officer with Hong Kong-listed KuangChi Science.
KuangChi’s own website says it has ‘‘acquired Martin Jetpack through investment’’. It has a controlling 52 per cent stake, and small investors hold the balance.
Over 20 years the Martin Jetpack has flown through $60 million of investment money.
It was originally developed by Christchurch inventor Glenn Martin, who quit the company several years ago over disagreements about its direction.
However, the motor is not up to a commercial level. It requires overhauls after 10 hours’ service.
Some shareholders and former employees believe the reason for KuangChi’s interest was in harnessing intellectual property.
In addition to being Martin Aircraft’s main shareholder, KuangChi is also its main funder with a $10m loan.
Martin Aircraft delisted at the end of 2017 from the Australian Securities Exchange as a way of saving money. Some of its last announcements to the ASX before delisting said the company would embark on demonstration flights in China as a way of encouraging new investment.
KuangChi’s website refers to the ‘‘KuangChi Martin Jetpack’’.