Davis, CA, Jan. 24, 2013 (GLOBE NEWSWIRE) -- Moller International, Inc. (MI) (OTC-QB: MLER), the developer of the Skycar ®and Neuera™ aircraft announced today that it has received a signed memorandum of understanding (MOU) agreeing to create a US-based Joint Venture (JV) with Athena Technologies Inc. of Harbor City, California. The goal of the newly formed JV is to establish co-production for its aircraft in the US and the People's Republic of China.
Under the provisions of the memorandum, MI will team with this US company-led JV to jointly produce numerous models of its vertical take-off and landing (VTOL) aircraft. The JV will initially invest $80 million (USD) of a planned $480 million investment with the objective of producing a variety of VTOL aircraft by 2014. Production will include the Skycar ® 200 LS, Skycar ® 400, Skycar ® 600 and Neuera™ aircraft.
MI is to retain its Intellectual Property (IP) while providing the JV with aircraft designs, ready-to-install Rotapower ® rotary aviation engines, and the requirements for the airframe and flight control system hardware to be produced in China. The JV is to provide all necessary production funding, purchase a 35% ownership in MI and provide MI with 25% fixed ownership in the JV for a period of 10 years."The formal agreement is expected to be approved by both parties within weeks and lead MI and its JV partner to becoming world leaders in Personal Airborne Transportation," said Dr. Paul Moller. "This partnership leverages MI's practical knowledge of VTOL aircraft design with the cost-effective assembly and manufacturing capabilities that can be carried out overseas," said Bruce Calkins, MI's General Manager. "Our objective is to become the market leader in this form of Personal Aviation, and with this agreement we are in a great position to achieve that goal."