New Zealand—based Martin Aircraft Company announced a $12 million joint venture to build a factory for producing a new kind of jet pack. Only, the pack doesn't have a jet engine at all. The craft uses a 200-hp engine running on ordinary gasoline to power two ducted fans. Riders can cruise for 31.5 miles at the FAA-mandated maximum speed of 63 mph, controlling pitch and roll with one hand and yaw and throttle with the other. The company is charging around $100,000 for the first units. Owners won't need a pilot's license, but they will have to pass a mandated training program.