Perth-based firm Fastbrick Robotics is bringing its bricklaying robots, which have been backed by Dale Alcock, to the ASX, lining up an all-scrip acquisition deal with DMY Capital.
ASX-listed DMY said it would issue 150 million of its shares as consideration to acquire Fastbrick, which has developed a fully automated, robotic bricklaying technology.
At today's share price of 3.6 cents, the deal is worth around $5.4 million.
A further 499 million shares will be issued based on a series of performance milestones.
The deal remains subject to due diligence, regulatory approvals and the completion of a $3 million capital raising, led by Cygnet Capital, at a minimum price of 2 cents per share.
Fastbrick’s technology is considered to be revolutionary – it is purported to be able to build an average house from slab to cap height in just one or two days.
The company says its robots also result in reduced labour costs, low waste and vastly improve safety on the worksite.
To date, Perth-based Fastbrick has spent more than $7 million on getting to the proof of concept stage and has developed a prototype, known as the Hadrian 105.
It has patents in 11 countries, including Australia, China, the US and Canada, as well as seven European nations.
Funds raised from the capital raising will be used to manufacture the Hadrian 109, a machine that would be capable of house-scale bricklaying and commercial rollout.
Mr Alcock said increasing efficiency and reducing costs were key in making housing more affordable in Australia.
“Fastbrick Robotics is at the forefront of construction automation and its innovative robotic bricklaying technology has the potential to service the overwhelming demand for housing, quicker and cheaper than ever before,” he said.
“I’m excited to see the company gain further funding support and look forward with great anticipation as the company progresses its technology to commercialisation.”
The Hadrian 105 in action.