Carter's personal air vehicle can take off vertically, like a helicopter -- but can fly as fast as a fixed- wing aircraft.
Katie Crosbie joins us now with an update.
In 2009, the company announced it was that it was exclusively licensing its unmanned aerial vehicle technology to AAI, which is one of the largest suppliers of military UAV's.
Now, Carter is finishing flight-testing its personal aircraft, and getting ready to build prototypes here.
For Jay Carter Jr, it was never *just* about believing in a dream.
Jay Carter Jr.
Chairman & Chief Engineer
"I'm technically able to understand how this all works. So I'm not kidding myself. You know, it's not a fantasy or something - I understand how it works. It's like your child. You just cannot give up on it."
"When I first started, this was just going to be a personal air vehicle for myself & the family."
That was nearly 18 years ago. Now --
"I don't know of any technology out there -- even on the horizon -- that could compete with this."
Later this year, Carter Aviation Technologies will deliver these two personal air vehicles to AAI. AAI will transition them into unmanned aerial vehicles, & demonstrate their capabilities to the military.
"The Army wants to be able to take off & land vertically. The Air Force is not that concerned about that ... but they want to be able to fly across the ocean. At five hundred miles an hour. And go two to three thousand miles. This aircraft can do both of those."
Plus, it won't need an airport to land.
"We can deliver troops, heavy equipment -- the heaviest equipment -- Abrams tank -- directly to the fight."
In the next two years, Carter says they'll probably sell 25 percent of carter aviation technologies to a major aerospace company.
"This way, we become the Microsoft of the aviation industry. We license our technology to all of the companies out there. And it's free enterprise -- & they all have the same technology. Anybody who has our technology can beat the pants off any of the others."
Carter says the technology already exists for the personal air vehicle to fly & land itself -- think Jetson's style.
"You zoom out like Google Earth, you zoom out & find your house that you want to fly to, & you just zoom out to it, push the button, you say, 'That's where I want to go to.'"
When that day comes ... Carter's dream will have come full circle. He's eager to see his aircraft in volume production.
"That's when I'm going to feel like I've really succeeded." And you can finally take a break then?" "Ah, I'll find something else."
If carter aviation technologies meets all its milestones, the city will have loaned it three point seven five million dollars during the seven- year agreement.
How much of that will have to be repaid depends on the number of jobs ultimately created.
So far, about 20- new jobs have been created ... The goal is to have 300 by 2016.