Robotic technology company FBR Limited (ASX: FBR) has entered into a strategic Share Subscription & Share Purchase Agreement with U.K. based shareholder M & G Investment Management (M & G) for an aggregate sum of A$9.14 million.
The funds will support the the manufacture and commercial deployment of three additional next-generation Hadrian X robots designed specifically for expedited use in the USA.
The three new Hadrian X robots will be built on USA truck bases and will then be immediately deployed to offer Wall as a Service via the existing Fastbrick Americas LLC entity.
The Agreement with M & G provides FBR with the funding to manufacture another three next-generation Hadrian X machines to bring our technology to the USA, to pursue meaningful revenue for FBR with builders who have been eagerly anticipating the arrival of the Hadrian X,” FBR Managing Director and CEO, Mike Pivac, said.
“With one Australian-spec next generation Hadrian X unit already assembled and laying its first blocks, another mid- assembly, and these three additional USA-spec Hadrian X units, we are building a fleet of Hadrian X robots that will transition the construction industry toward a more sustainable footing, by providing a faster, safer, less wasteful, more accurate and, ultimately, cheaper solution.
“Having recently achieved International Code Council certification for the USA, the Agreement accelerates FBR’s Wall as a Service expansion into the market. FBR sees a compelling revenue opportunity there as the developer, producer and operator of the world’s most advanced and capable construction robots, and we are well positioned to begin digitalising the high volume building model in the USA.
“The support of M & G will enable us to enter a major market poised to transition its reliance on human labour in the construction industry to robotic construction solutions.”h