FBR Limited to manufacture Hadrian X robots for US market

The Hadrian X® robot. Image credit: FBR Limited

Australian robotics technology company FBR Limited has signed an agreement with UK-based shareholder M&G Investment Management to purchase 277 million fully paid ordinary shares in FBR for a total of AUD 9.14 million for the production and commercial deployment of three more next-generation Hadrian X robots intended for accelerated use in the USA.

Under the Share Subscription & Share Purchase Agreement, three new Hadrian X robots will be constructed on USA truck bases and will then be immediately deployed to provide Wall as a Service via the current Fastbrick Americas LLC organisation.

Using the ASX-listed company’s current capacity under Listing Rule 7.1 (224,463,828 shares) and 7.1A, 227 million new fully paid ordinary shares will be issued on Friday, 17 March, for a total amount of AUD 7.5 million at a price of $0.03 per share (2,536,172 shares).

FBR Managing Director and CEO Mike Pivac commented, “The Agreement with M&G provides FBR with the funding to manufacture another three next-generation Hadrian X machines to bring our technology to the USA, to pursue meaningful revenue for FBR with builders who have been eagerly anticipating the arrival of the Hadrian X.”

Pivac emphasised that the company aims to construct a fleet of Hadrian X robots that will move the construction industry toward a more sustainable footing by offering a quicker, safer, less wasteful, more accurate, and ultimately less expensive solution.

“Having recently achieved International Code Council certification for the USA, the Agreement accelerates FBR’s Wall as a Service expansion into the market,” the CEO added.

Pivac also claimed that as the creator, manufacturer, and operator of the “world’s most advanced and capable construction robots,” FBR sees a compelling income opportunity with the agreement, saying the company is well-positioned to start digitising the large volume building model in the US.

“The support of M&G will enable us to enter a major market poised to transition its reliance on human labour in the construction industry to robotic construction solutions,” the FBR official concluded.

Additionally, subject to meeting certain know-your-customer obligations, FBR said M&G has also committed to paying a total of AUD 1.7 million to Mark Pivac and Michael Pivac for 50 million fully paid ordinary shares within 30 days of the date the new shares were issued to M&G.

The Executive Directors received these shares as loan-funded shares in 2020, with the loan period ending in December 2022.

The total revenues from the sale of these shares will be given exclusively and directly to FBR for the purpose of partially repaying the outstanding loans before being used to produce and commercially deploy additional next-generation Hadrian X robots.