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FBR to raise $12.6 million as it enters US market

Manufacturing News

Construction robotics company FBR has announced a capital raise worth approximately $12.6 million, following agreements on a demonstration program in the United States and joint venture option with a subsidiary of concrete block maker CRH.

As reported by @AuManufacturing last week, the company – which makes the Hadrian X automated bricklaying robot (pictured) – FBR and CRH Ventures have executed a demonstration program agreement to jointly construct up to ten houses in Florida.

The houses will be the first to be built in the US with Hadrian, and could see up to 300 robots deployed (worth about $2 million each) in the United States, according to FBR.

The placement will fund general working capital requirements as it enters the US market.  

“Following the execution of U.S. Demonstration Program and JV Option agreements with CRH Ventures, FBR has  undertaken this primarily institutional placement to ensure it is well positioned financially to advance this transformational opportunity for the Company, our partners, and our Shareholders,” said FBR Managing Director & Chief Executive Officer, Mike Pivac. 

According to a statement from FBR on Monday morning, the raise will involve a placement of 466.4 million shares at $0.027 each, with Bell Potter Securities as lead manager and bookrunner. 

FBR said allotment of the new shares is scheduled for January 29 (Monday next week) and has seen “strong interest and support” from investors “including FBR’s largest shareholders such as Brickworks Limited.” 

The current generation of FBR’s robot, unveiled last year, is equipped with a 32-metre telescoping boom capable of handling blocks up to 600mm x 400mm x 300mm.

Picture: credit FBR

Further reading

Hadrian X construction robot breaks into US market, could snare 300 orders

FBR and Liebherr to ‘commercialise’ the Hadrian X robot

FBR demonstrates new-gen Hadrian X robot

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