Perth technology company FBR (ASX: FBR) has announced a fully underwritten institutional Placement to raise $20 million, at 4¢ a share, to accelerate the completion of the next-generation Hadrian X® H110 program and pursue Wall as a Service (WaaS®) global expansion and commercialisation opportunities.
FBR’s Hadrian X® technology aims to revolutionise the residential construction industry by providing benefits over traditional bricklaying methods including improved speed and accuracy, significant cost efficiencies and multi-purpose superior output.
In particular, funds from the placement – which is fully underwritten by Jarden Australia – will be used applied to:
- Next-generation Hadrian X® H110 Program (H03 + H04):
- Complete manufacture – H03 (currently 70% complete)
- Complete commissioning activities – H03
- Complete procurement of components – H04
- Manufacture and commissioning – H04
- Initial adjacent Dynamic Stabilisation Technology DST®, opportunities (roof tile shuttle testing, 3D Concrete Printing applications where concrete is used to print a structure)
- WaaS® expansion funding:
- Deployment of next-generation Hadrian X® H03 to overseas markets for demonstrations
- Establishment of offshore WaaS® entities
- Business development and market engagement activities
“FBR is pleased to announce the institutional placement to accelerate the completion of the next-generation Hadrian X® program,” managing director Mike Pivac said.
“The equity raising will also enhance the company’s position to execute on and expand its current commercial opportunities globally.”