Shares in High Wycombe-based FBR were sold off on Monday, following an update regarding its proposed joint venture with US-based building materials firm CRH Ventures.
Shares in High Wycombe-based FBR were sold off on Monday, following an update regarding its proposed joint venture with US-based building materials firm CRH Ventures.
The Mike Pivac-led robotic technology company told the market it failed to sign a joint venture agreement with CRH prior to the conclusion of the 45-day option period, which expired on February 16.
FBR shares closed trade at 2.1 cents, down 43 per cent.
Despite the news, the company said it was optimistic regarding future market success.
“FBR has been progressing negotiations with third parties in connection with Hadrian X financing options as an alternative arrangement to the financing that would have been provided for a period of time under a joint venture,” it said.
“Following expiration of the option, FBR is now positioned to advance those discussions independently.
“FBR has also engaged with governments in Australia and a number of state governments in the United States to canvas support for FBR’s robotic construction technology, and these discussions can now progress to the next stage.”
CRH’s decision to not to exercise its option with FBR adds to the list of partnerships and agreements which have ultimately come to naught for the junior, despite showing plenty of promise.
During its recent US demonstration program, which began in September last year, FBR hit its targets, with the Hadrian X unit able to lay around 350 concrete blocks per hour.
FBR has spent over $200 million over the past two decades developing its technology and has undertaken more than 10 capital raises over the past 10 years.
Mr Pivac told the market on Monday he believed opportunities for success in the US remained alive for the company.
“We achieved significant milestones in our US demonstration program including the completion of a house structure in a single workday with a three-person crew,” he said.
“Our activities to date have opened up excellent future opportunities for FBR in the United States, and very importantly have confirmed the certification and viability of our wall system, creating go to market routes with major builders and proving out the commercial model.
“FBR is now unrestricted in its dealings and operations in the United States and is engaged in discussions with builders, counties and industry incumbents, not just in Florida but across the United States, including in California.
“FBR will provide further updates on its United States operations in the coming weeks, including its transition to the Liebherr facility in Miami as an operating base.”
