The Part Foundry plans to begin shipping “locoGPS for the iPhone” a GPS module for Apple iPhone which allows jail broken iPhones to gain GPS functionality.

The Part Foundry says that all software is open source and more applications are being written every day. This module gives you the ability to explore all the benefits that GPS on a platform that is small enough to put on a keychain. Plans are already underway for a stylish plastic enclosure as well.

The Part Foundry is currently testing whether this module will work on the iPod touch.

locoGPS features:
• Channels: 16
• Update Rate: 1 sample / second
• Acquisition Time: Hot: 4 Seconds, Cold: 45 seconds, Indoor: “A long time.”
• Serial Output: TTL Serial @ 9600 baud
• Position Accuracy: 2.5m-7m
• Charging: Integrated micro-USB connector for pass thru iphone charging.
Protocol Support: NMEA 0183 ver 2.3
Iphone Software: Requires Jail Broken Phone (tested on firmware version 1.1.2).
Software will be open source/community based

First prototype video:

Direct link to the video via YouTube http://www.youtube.com/watch?v=RY8OxHeNKfY

The Part Foundry is accepting pre-orders (US$89, ships in February 2008) here.

Imagine if this thing was ready in time for this Christmas!