FBR raises $12.6m for US venture

Robotic company FBR told the market on Monday it had successfully completed its A$12.6 million capital raise, which will be used to further its plans to enter the US construction market. 

The raising involved more than 466.3 million fully paid ordinary FBR shares being issued at 2.7 cents per share. 

On January 18, FBR announced it had signed a deal to enter a US joint venture with CRH Ventures Americas, a subsidiary of CRH PLC, which is a major US concrete block manufacturer. 

CRH will provide a $US40 million rolling loan facility for the purchase of FBR's bricklaying and construction robots, dubbed Hadrian X, through three conditional purchase orders, once the JV is under way.

Initially, FBR will supply 20 of its Hadrian X robots to CRH for $US2 million each upon successful completion of its US demonstration program.

Prior to its departure for the US, a Hadrian X unit will complete an indoor factory acceptance test build in Perth, where it will be programmed to lay 285 concrete blocks an hour. 

Long term, FBR hopes to send 300 of its robots to the US under the deal. 

Additionally, the High Wycombe-based company's December 2023 quarterly report stated that it had a $6.1 million cash balance, down from A10 million during the September quarter, due to a multitude of cost-related factors.

Despite this, the company's customer receipts went from $0 to $641,000 in December, primarily due to the sale of a Wellard-based property within its portfolio. 

The company also confirmed Rowan Caren had been appointed chief financial officer, replacing Aidan Flynn, who will move into a non-executive strategic advisory position. 

FBR last traded at 2.3 cents per share, down 11 per cent, as of 1.43pm AEDT.