Robotic technology company FBR Limited (ASX: FBR) has concluded the option period for the option granted to CRH Ventures to form a joint venture for the provision of Wall as a Service® in the United States.
As previously announced by FBR on 18 January 2024, CRH Ventures was granted an option to enter into an exclusive joint venture. The period for exercise of the Option ended on 16 February 2025.
FBR did not receive formal notice of exercise of the option from CRH Ventures before the end of the option period. Accordingly, the option has expired and, as a result, FBR is no longer subject to the exclusivity arrangements with CRH Ventures.
FBR completed a demonstration program working with a selection of builders in the US, for which FBR received non-refundable payments totalling US$2 million from CRH Ventures.
FBR has been progressing negotiations with third parties in connection with Hadrian X® financing options as an alternative arrangement to the financing that would have been provided for a period of time under a joint venture. Following expiration of the option, FBR is now positioned to advance those discussions independently.
FBR has also engaged with governments in Australia and a number of state governments in the US to canvas support for FBR’s robotic construction technology. These discussions can now progress to the next stage.
“We have successfully introduced our technology to one of the largest and most important markets in the world, building 10 code-compliant house structures in suburban developments in Florida, US,” FBR managing director Mike Pivac said.
“We achieved significant milestones in our demonstration program including the completion of a house structure in a single workday with a three-person crew. Our activities to date have opened up excellent future opportunities for FBR in the US and, very importantly, have confirmed the certification and viability of our wall system, creating go-to market routes with major builders and proving out the commercial model.
“FBR is now unrestricted in its dealings and operations in the US and engaged in discussions with builders, counties and industry incumbents not just in Florida but across the US including in California.
“FBR will provide further updates on its US operations in the coming weeks, including its transition to the Liebherr facility in Miami as an operating base.”
