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Looks like it’s been around for at least a couple or three years - I’ve seen similar gizmos on the rocketry FB pages. Nothing that interests me much but it does work sort of like a “real” rocket - I wonder how it deploys the chute?

https://youtu.be/-motkFTBrJg

These have been around at least five years if not ten or more. I think AirHogs had them a few years ago.

I've seen a few things like this in action up where I often go to fly. Kind of interesting devices.