FBR managing director Mike Pivac says he expects an extraordinary period of growth for the company as it transitions from research and development to manufacturing homes.
The managing director of construction tech company FBR says he expects an extraordinary period of growth for the company as it transitions from research and development to manufacturing homes.
The company has completed six out of 10-homes as part of a demonstration of its flagship Hadrian X technology in Florida.
Upon completion, the demonstration partner CRH Ventures – the venture capital arm of world-leading building materials company CRH – will have 45 days to decide whether it wants to joint venture with FBR.
The Hadrian X robot is a mobile robotic bricklaying machine and system which can erect the walls of a house in just a day, according to the company.
It’s also being used in the Perth suburbs of St James and Willagee, where 24 two-storey townhouses are being constructed.
Speaking at the company’s annual general meeting this morning, FBR managing director Mike Pivac said the company’s flagship technology had taken a number of important strides forward through the year.
“A critical step in the commercialisation of Hadrian X and for future robotic solutions is ensuring adequate IP protection for the advanced technologies that drive our machines and systems through the filing of an additional 9 international patents, bringing our number of patent families now to over 40,” he said.
“In addition to this, we are seeing a high level of inbound interest for FBR’s core technology and long reach stabilised boom capabilities from large multi-national companies in adjacent industries where labour constraints and the need for automation efficiencies are highly sought after.
“(The Florida and Perth trials) had levels of complexity not attempted before by FBR and certainly not by any other construction robotics technology company in the world, further demonstrating that FBR is by far the global leader in this pioneering space.”
If the company is successful in forming a joint venture with CRH Ventures, CRH Americas will provide a US$40 million credit facility for the delivery of 20 Hadrian X robots.
The company also recently announced it would provide shareholders with the opportunity to purchase between $10,000 and $30,000 worth of shares at 3.8 cents per share – an 11.6 per cent discount on the share price prior to the plan’s announcement.
Shares are currently trading at 3.8 cents per share.
