FBR Limited Achieves Milestone with First US Home Built by Hadrian X®
FBR LTD (FBR) Share Update September 2024 Monday 9th
FBR Limited Completes First Home in US Demonstration Program
FBR Limited (ASX: FBR) has successfully completed the first home in its US Demonstration Program using its revolutionary Hadrian X® bricklaying robot. This marks a significant milestone in the company's international expansion and the commercialisation of its technology.
Instant Summary:
- Hadrian X® completes first home in US Demonstration Program with CRH Ventures.
- First home built using Hadrian X® outside of Australia.
- Contracts executed for a total of seven homes with Florida builders, New Century USA and Christopher Alan Homes.
- Completion of Demonstration Program will lead to a payment of US$400,000 from CRH Ventures.
- Potential joint venture for Wall as a Service® in the United States.
Introduction
FBR Limited, a pioneering company in robotic technology, has announced the completion of the walls for the first home in its US Demonstration Program. The walls, built using FBR's Hadrian X® robot, have been certified as compliant with design and building codes. This achievement marks the first time the Hadrian X® has been used to build a home outside of Australia.
Details of the Demonstration Program
The US Demonstration Program is a collaborative effort with CRH Ventures and involves multiple builders, including New Century USA and Christopher Alan Homes, both based in Florida. The program aims to showcase the versatility and adaptability of the Hadrian X® by building homes of various sizes, volumes, and styles.
FBR will construct the walls for a total of seven homes—four for New Century USA and two for Christopher Alan Homes. An additional three homes may be added to the program by another builder nominated by CRH Ventures. The walls of all homes will be certified by an independent structural engineer.
Significance of the Milestone
FBR's Managing Director and CEO, Mike Pivac, expressed his pride in completing the first residential structure in an international market. He emphasized the excitement of presenting their world-leading technology to one of the largest addressable markets in the world and looks forward to expanding operations in the United States.
Financial and Strategic Implications
Upon completing the Demonstration Program, FBR will receive a payment of US$400,000 from CRH Ventures. This milestone will also trigger a 45-day period for CRH Ventures to exercise an option to form a joint venture for delivering Wall as a Service® in the United States.
The completion of the first home in the US Demonstration Program is a significant milestone for FBR Limited. This achievement not only validates the commercial viability of the Hadrian X® robot but also opens up new market opportunities in the United States. The successful demonstration could lead to increased investor confidence and a potential rise in stock value. The financial payment of US$400,000 and the possibility of a joint venture with CRH Ventures further strengthen FBR's market position.
Investor Reaction:
Analysts are likely to view this milestone positively, as it demonstrates the practical application and commercial potential of FBR's technology. The successful completion of the first home in the US market could lead to increased investor interest and a potential uptick in stock price. However, investors will be closely watching the completion of the entire Demonstration Program and the potential joint venture with CRH Ventures.
Conclusion:
FBR Limited's successful completion of the first home in its US Demonstration Program marks a significant step in the company's international expansion. Investors should keep an eye on the progress of the Demonstration Program and the potential joint venture with CRH Ventures. This milestone could pave the way for broader market adoption of FBR's innovative technology.