A team of scientists working with French skydiver Michel Fournier say a mechanical failure caused the daredevil's balloon to sail away Tuesday before he could attempt his record free fall.

A mechanism that connects the balloon to three parachutes -- which are designed to carry the gondola safely back to Earth after Fournier begins his descent -- prematurely caused a separation.

"This is the first time that something like this has arisen," Fournier told a press conference Tuesday in French.

The massive helium balloon was later found about 40 kilometres from the launch site. It had been partially inflated at the North Battleford, Sask., site Tuesday morning, with 64-year-old Fournier suited up and ready to go, when it floated away.

• Watch: Murray Oliver reacts as the balloon floats away

Fournier had planned to ride in a capsule that was to be attached to the balloon, rising 40,000 metres to the Earth's stratosphere before stepping out and free falling back to Earth.

The former paratrooper was even breathing compressed oxygen to prepare for the two-hour ascent, which would have been followed by a 15-minute free fall -- setting several world records.

Observers who watched the translucent, jelly fish-like balloon float away over the prairie landscape were left guessing at what happened.

It was the second straight day that Fournier's hopes were cut short, said CTV's Murray Oliver, reporting from the scene.

"Everything seemed to be going according to plan. The team's chase helicopter had risen into the air and was hovering and suddenly for reasons no one can explain, the balloon slipped free and began to ascend," Oliver told Canada AM.

The balloon is said to be worth $500,000. Combined with yesterday's failed attempt, the launch team may have gone through $1 million worth of balloons, Oliver said.

Fournier travelled to Canada to make the 40-kilometre jump after officials in his home country said the attempt was too risky.

Fournier had hoped to set new world records for fastest free fall, longest free fall, highest jump, and highest altitude reached by a man in a balloon.

On two previous attempts in 2002 and 2003, Fournier's balloon was torn apart by strong winds and the jump had to be called off. The massive balloon was stronger this time around, reinforced with three layers.

Fournier hopes to collect data that will help astronauts and others survive at high altitudes. It could also someday lead to rescuing astronauts in-flight.