Robotic technology company FBR Limited (ASX: FBR) has completed the ninth home of its 10-home Demonstration Program for CRH Ventures in Florida, United States.
The ninth home, located in Babcock Ranch, Fort Myers, built with New Century USA, is the last of the five homes in the Demonstration Program that FBR was responsible for contracting.
As previously announced (refer ASX announcement dated 18 January 2024), under the terms of the Demonstration Program agreement FBR was responsible for entering into contracts for five of the 10 homes in the Demonstration Program while an affiliate of CRH Ventures is responsible for entering into contracts for up to five homes, subject to timing requirements.
“Receiving engineering sign-off for the penultimate home of our Demonstration Program in Florida, and the final home that FBR was responsible for contracting, is an important milestone in our US market entry,” FBR managing director Mike Pivac said.
“Particularly pleasing has been the increased cadence with which the most recent builds have been completed, further highlighting the competitive advantage our technology provides us. It has been a pleasure working with the New Century USA team and I would like to thank them for joining us on our journey, and we look forward to working together in the future.
“Our focus is now firmly on the completion of the final home of the Demonstration Program with CRH and we will provide further updates as appropriate.”
The Demonstration Program will be deemed complete when FBR completes construction of the walls of the seven homes for New Century USA and Christopher Alan Homes, plus up to three more homes added to the program by another builder to be nominated by CRH Ventures, with the walls of all structures to be certified by an independent structural engineer. Upon completion of the Demonstration Program, FBR will receive a payment of US$400,000 from CRH Ventures under the terms of the Demonstration Program agreement.
The completion of the Demonstration Program will mark the commencement of a 45-day period for CRH Ventures to exercise the option to form a joint venture for the delivery of Wall as a Service® in the US.
