We've seen our fair share of underwater drones before, but drones that are equally nimble in the air and beneath the water's surface are much more rare.

Enter Loon Copter: A drone that can fly, operate on the surface of water, or dive deep.

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A project from Oakland University's Embedded Systems Research, the Loon Copter operates pretty similarly to other flying drones when airborne. When it lands on water, its buoyancy chamber keeps it floating on the surface, but the drone can also fill the chamber up, making it sink beneath the surface, where it tilts 90 degrees and uses its rotors to move around.

The drone can resurface by ejecting the ballast water, letting it go airborne once again and take off rom the water's surface.

The first prototype of the Loon Copter was tested in early 2015; a newer iteration is a semifinalist in the UAE Drones for Good Award, a competition whose finals are held in Dubai in early February.

Possible uses for such a versatile drone are many, including reconnaissance as well as search and rescue missions. Its advantages over traditional vehicles are many; for example, it's faster than a submarine and it can easily hover over an area of interest.

There's also room for improvement. The Oakland University team says priorities include extending wireless range underwater, underwater navigation and hull redesign for more efficient diving.