FBR signs agreement to enter US market

Aspiring robot technology company FBR is planning a capital raising, following a deal with CRH Ventures Americas, a subsidiary of CRH PLC, which is a major US concrete block manufacturer. 

Under a US joint venture with CRH, FBR hopes to provide 300 of its bricklaying and construction robots to the US market. 

CRH will provide a US$40 million rolling loan facility to FBR for the purchasing of its robots, through three conditional purchase orders, once the joint venture has begun between both parties.

Initially, FBR will supply 20 of its bricklaying and construction robots, Hadrian X, to CRH for US$2 million each, or A$3.1 million, plus sales tax - upon successful completion of its US demonstration program. 

Two further conditional purchase orders, of 39 and 40 units respectively, will be placed, should gross margin and utilisation metrics be met. An option to buy a further 200 robots would then be available.

The High Wycombe-based company told the market on Thursday that both parties had agreed to jointly construct up to 10 single storey homes in the US throughout the program, with the use of a Hadrian X unit.

This announcement comes on the back of FBR announcing in March last year that it had signed a $9.14 million shareholder deal to fund the distribution and manufacture of its units to the US market. 

Shareholders were also advised during in November during FBR's annual general meeting that the company had undertaken a raft of activities in preparation to enter the US construction industry, which included aligning with Florida-based builders. 

The Hadrian X unit will complete its factory acceptance test build in Perth prior to its departure, laying approximately 285 concrete blocks per hour, controlled by a tablet. 

Once in Florida, the Hadrian X unit will complete a site acceptance test outdoors, under the same conditions, with an independent structural engineer to confirm all constructed walls meet applicable building and design standards. 

FBR has also agreed to provide maintenance, repair and personal training services for its robots at a fixed price of US$220,000, or A$434,620, per Hadrian X unit. 

In 2022, FBR announced it had raised more than A$116 million in a bid to commercialise its automated bricklaying technology.