Abu Dhabi, UAE– 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).
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).
Speeder delivers a combination of compact size, speed, payload, and range performance by means of vectored thrust from its gimbaled turbine engines. The investment will be used to continue the Speeder flight test program and progress the aircraft towards certification.
The agreement was signed by Mohamed Musabah Al Mazouei, Director – Investments and Portfolio Management, and David Mayman, CEO and founder Mayman Aerospace.
“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,” said Mohamed Al Mazrouei.
“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.