Terrafugia, which is derived from the Latin for “escape from the earth,” was founded by graduates of the Department of Aeronautics and Astronautics at the Massachusetts Institute of Technology and incorporated in 2006. Currently based in Cambridge, Massachusetts, Terrafugia combines solid aircraft design fundamentals with a focus on creativity and customer service.

The Transition is a Personal Air Vehicle (PAV) designed to make general aviation more practical for personal transportation. This increased practicality is accomplished by enabling the promise of a true integrated roadable aircraft at an economically compelling price. The Transition will be capable of driving at normal highway speeds, flying at speeds that approach the light sport aircraft limit, and parking in a standard garage. The freedom enabled by this aircraft will fundamentally increase the personal mobility of its owners while simultaneously improving the safety and practicality of GA travel.

The introductory price of the Transition is set at $148,000. Terrafugia will have a prototype by late 2008 and deliver the first Transition in late 2009. It gets 30 mpg in the air and 40 mpg on the highway with a minimum take off distance of 1500 feet. See more specifications at the Terrfugia site.