Robotic technology company FBR Limited (ASX: FBR) has executed a binding suite of agreements with CRH Ventures Americas, Inc., a subsidiary of CRH plc, one of the largest concrete block suppliers in the United States.
Affiliates of CRH Ventures and FBR have executed a Demonstration Program agreement to jointly construct up to 10 houses in the US with FBR’s Hadrian X® construction robot while FBR has granted CRH Ventures an exclusive Option to enter into an exclusive joint venture for the supply of Wall as a Service® in the US following the successful achievement of the milestones of the Demonstration Program.
This venture is the result of significant collaboration between industry leaders, driving innovation in construction for a better-built future. Robotics is seen as playing a key part in re-shaping construction sites to create safer, more efficient and sustainable environments.
Highlights of the agreements:
- FBR executes binding suite of agreements for US Demonstration Program with CRH Ventures Americas and exclusive Option to trigger a US joint venture.
- Once Option is exercised, joint venture commences with CRH Americas, Inc. establishing a US$40m rolling loan facility and the joint venture executing a binding conditional purchase order for 20 Hadrian X® units.
- Two further conditional purchase orders of 39 and 40 Hadrian X® units to be placed subject to meeting utilisation and gross margin metrics on Hadrian X® units delivered under preceding orders, followed by options for a further 200 Hadrian X® units.
- These agreements further CRH’s commitment to innovating for a more sustainable construction environment, where robotics extend the capabilities and longevity of construction workers.
- CRH subsidiaries to become the exclusive concrete block suppliers to the US joint venture.
Commenting on the agreements with CRH, FBR managing director Mike Pivac said:
“The agreements with CRH Ventures and its affiliates are another significant step in FBR’s commercialisation journey and demonstrate a clear path to scale and profitability with the commencement of the joint venture.
“We have set a clear strategy for the company to enter the US market and will be doing so with the assistance of one of the largest concrete block manufacturers in the country.
“We are excited to arrive in a new international market to showcase the capabilities of our technology and commence our scaling plan with the financial and operational support of one of the world’s leaders in building materials production.”
FBR has placed its shares in a trading halt while it completes a capital raising.
