Shares in High Wycombe-based FBR rose by 14 per cent to 4.2 cents early on Wednesday morning following promising news in the US.
Shares in High Wycombe-based FBR rose by 14 per cent to 4.2 cents early on Wednesday morning following promising news in the US.
FBR shares closed trade at 3.9 cents per share, up 5 per cent.
The company’s bricklaying and construction robot, named Hadrian X, successfully completed its outdoor site acceptance test, triggering a $US600,000 ($905,715) payment from innovation fund CRH Ventures.
Conditions for the outdoor site acceptance test in Fort Myers were identical to the ones enforced during its Perth-based indoor site acceptance test in February, where it was required to lay at least 285 concrete blocks per hour amid constructing a series of walls.
An independent structural engineer who observed the Hadrian X test said the test build walls were in line with both building and design standards.
The Hadrian X unit will now undertake its US demonstration program, where it will be required to construct the external walls of five to 10 single-storey houses.
Earlier this month, FBR tapped investors for $12.5 million – issuing approximately 328.9 million shares at an issue price of 3.8 cents per share – in order to provide extra working capital for the demonstration program.
Should the Hadrian X unit successfully complete the program, it could potentially result in the US-based joint venture with CRH Ventures being exercised.
In turn, this would result in CRH Ventures purchasing 20 Hadrian X units from FBR.
FBR told the market in May it would receive its first US truck chassis in coming months, which would allow it to incorporate certain specifications within future Hadrian X units.
