Strategic Development Fund (SDF), the investment arm of UAE’s Tawazun is investing US$3 million through its venture capital programme in Mayman Aerospace (a JetPack Aviation Corp. brand), the U.S.-based manufacturer of the innovative dual-use Speeder Air Utility Vehicle (AUV).
As part of SDF’s strategy to invest in dual-use technologies serving both defence and civilian sectors, SDF recognises Speeder’s transformative capability as a unique and entirely new class of high-performance VTOL aircraft. Speeder delivers a previously impossible combination of compact size, speed, payload and range performance by means of vectored thrust from its gimbaled turbine engines. Such high performance is possible thanks to the energy density of jet fuel, including sustainable aviation fuel. The funds will be used to continue the Speeder flight test programme and progress the aircraft toward certification.
“We recognise that Mayman Aerospace has demonstrated unique competence in this highly complex engineering. SDF believes Speeder will deliver valuable, practical applications for defence forces in the very near future. The optimisation of Speeder’s existing propulsion control system, which can be adapted to future technologies, combined with its flexible operating capabilities influenced our decision to invest,” says Mohamed Musabah Al Mazrouei, Director – Investments and Portfolio Management.
“This investment is testament to SDF’s trust in Mayman Aerospace and belief in our unique technology. Speeder’s potential to support multiple military applications is unparalleled and with the new investment we can transition our high-speed VTOL aircraft from flight test to robust commercialisation. The possibilities are limitless and we are delighted that SDF understands the incredible potential. We look forward to working with them to advance the new era of aviation for the military, civil and commercial sectors,” says David Mayman, CEO and founder Mayman Aerospace.
