Robotic technology company FBR has signed a $9.14 million shareholder deal to fund the manufacture and distribution of bricklaying robots to the US market.
On the ASX, the High Wycombe-based company announced it had entered into a strategic share subscription and purchase agreement with UK shareholder M&G Investment Management to acquire $9.14 million worth of shares.
The funds raised will be used to manufacture and commercially deploy three of FBR’s bricklaying and construction robots, Hadrian X, for use in the US.
The Hadrian X robot is a mobile robotic block laying machine and system that can erect the walls of house in a day, according to FBR.
Three of the robots will be built on US truck bases and then deployed to offer its services through FBR’s Fastbrick Americas LLC entity.
FBR chief executive Mike Pivac said the support of M&G would enable the company to enter a major market poised to transition its reliance on human labour in the construction industry to robotic constriction solutions.
“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 US, to purse meaningful revenue for FBR with builders who have been eagerly anticipating the arrival of the Hadrian X,” he said.
“With one Australian-spec next generation Hadrian X unit already assembled and laying its first blocks, another mid-assembly, and these three additional US-spec Hadrian X units, we are building a fleet of … 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.”
Under the agreement, FBR will issue fully paid ordinary shares at 3.3 cents to raise $7.5 million.
M&G gas also agreed to purchase $1.7 million worth of shares, subject to certain conditions.
On the ASX, FBR shares were up 3.12 per cent to trade at 3.3 cents at 2:56PM AEDT.
