ABU DHABI, 22nd February, 2023 – Strategic Development Fund (SDF), the investment arm of UAE’s Tawazun Council, is investing $3 million through its Venture Capital Programme in Mayman Aerospace (JetPack Aviation Corp), the US-based manufacturer of the innovative dual-use Speeder Air Utility Vehicle (AUV).
The agreement was signed by Mohamed Musabah Al Mazouei, Director – Investments and Portfolio Management, and David Mayman, CEO and founder Mayman Aerospace.
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 investment will be used to continue the Speeder flight test program and progress the aircraft towards certification.
“We recognise that Mayman Aerospace has demonstrated unique competence in this highly complex industry. SDF believes the Speeder will deliver valuable and practical applications for civil and defense application in the very near future. The optimization of Speeder’s existing jet engine control system, which can be adapted to future technologies, combined with its flexible operating capabilities influenced our decision to invest,”Mohamed Al Mazrouei
“As part of our strategic mandate, we look forward to exploring and developing synergies through our portfolio of related investments and partnerships in aerospace, defense and autonomous sectors that would in turn potentially support the development of a family of primarily defense-focused Speeder Air Utility Vehicles. We are also assessing a partnership to set-up a Speeder manufacturing center in Abu Dhabi, including flight test, manufacturing, sales, and distribution throughout the MENA region,” Al Mazrouei continued.
“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 commercialization. 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,” said David Mayman.
Speeder is on display at the SDF stand at the Tawazun Council’s Chalet at the International Defense Exhibition and Conference, IDEX, currently taking place at the Abu Dhabi National Exhibition Centre (ADNEC).