FBR Limited (ASX:FBR) Completes US Demonstration Program
Program Completion
FBR Limited (ASX: FBR) has successfully concluded its Demonstration Program with CRH Ventures in Florida. The program involved constructing external walls for nine homes using the Hadrian X® robot, with one home completed in just a day. Independent structural engineers confirmed all homes met applicable building standards.
Joint Venture Opportunity
FBR and CRH Ventures have agreed that the capabilities of the Hadrian X® were effectively demonstrated. A 45-day period begins on January 2, 2025, for CRH Ventures to exercise its option for an exclusive joint venture to provide Wall as a Service® in the U.S. Additionally, FBR will receive US$400,000 from CRH Ventures following the program’s successful completion.
The companies aim to construct at least one home for PulteGroup, a major U.S. builder, and another for Neal Communities. Upon establishing the joint venture, a conditional purchase order for 20 Hadrian X® robots will be placed, valued at US$2 million each. A US$40 million loan facility will also be made available to the joint venture entity for manufacturing and delivering these robots.
Future Orders and Expansion
Following the delivery of the initial 100 Hadrian X® robots, options for an additional 200 units will be available, providing potential growth in the U.S. market. This plan marks a significant milestone and showcases FBR’s commitment to innovating the construction industry through robotic technology.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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