Company Name: FBR
Announcement Date: 16/08/2017
Announcement Category: Contract/Partnership
Announcement Content:
Australian robotic technology company Fastbrick Robotics Limited (ASX:FBR) (‘Fastbrick’ or ‘the Company’) is delighted to announce it has signed a non-binding Memorandum of Understanding (MOU) with the Kingdom of Saudi Arabia (“KSA” or “Saudi Arabia”) in the Middle East. The MOU is the Company’s first such agreement with a Government and will position Saudi Arabia as a global first adopter of Fastbrick’s robotic bricklaying technology. It is anticipated that this MOU will be superseded by more definitive and binding legal agreements in due course.
The MOU contemplates the construction of 50,000 new home units (minimum) using Hadrian X robots, which translates into an equivalent machine requirement of 100 Hadrian X construction robots. Saudi Arabia has a new home building target of 1.5 million new homes which are to be completed by 2022, including the Innovative Construction Target.
Fastbrick’s MOU with Saudi Arabia also validates the interest, demand and the global opportunity for the Company’s technology and comes only one month after signing an MOU and Placement Agreement with Caterpillar Inc. (NYSE:CAT), which resulted in Caterpillar becoming a shareholder of Fastbrick with an option to increase its shareholding in the coming 12 months [Refer to Fastbrick’s ASX Announcement dated 03/07/2017]. The combination of the KSA MOU and the Caterpillar MOU highlight how Fastbrick is rapidly moving to demonstrate that it will not only have global scalability for its technology, but that it has already identified significant customer demand for its Hadrian X product. Orders from early adopters of its technology will assist to underpin the continued development, subsequent manufacture and global distribution of the Hadrian X. Both MOU’s also provide committed support and envisage the development of frameworks that pave the way for the global commercialisation of the Hadrian X.
Fastbrick Robotics CEO Mike Pivac: "Fastbrick’s MOU with Saudi Arabia is a perfect example of our unique technology presenting a timely solution to Saudi Arabia’s housing supply problem, which is a problem shared by many other countries around the world. We are presently increasing and accelerating our execution capability, scalability and our identification of other customers around the world. The level of demand pull that we are currently experiencing will assist to underpin the development, manufacture and global deployment of our Hadrian X construction robots."
Announcement URL: http://www.asx.com.au/asxpdf/20170816/pdf/43lfy6fkqrsq9x.pdf
About FBR:
Fastbrick Robotics Limited (ASX:FBR) is an Australian robotic technology company developing and commercialising digital construction technology solutions. Fastbrick Robotics’ revolutionary bricklaying machine Hadrian X represents the first application of the Company’s underlying intellectual property portfolio. Hadrian X is a globally patented 3D robotic bricklaying system and marks the transition to dynamically stabilised robots (DSR) operating outdoors in uncontrolled environments.
Fastbrick is currently advancing its robotics technology through a Memorandum of Understanding (MOU) with Caterpillar Inc. (NYSE:CAT) demonstrating global scalability and a MOU with the Kingdom of Saudi Arabia highlighting customer demand for Fastbrick's technology. Fastbrick is committed to improving the safety, speed, accuracy, cost and waste management in the global construction industry through utilising the world’s latest innovations in mobile robotic technology.
Go to Company Profile for: FBR
Announcement Contact: [email protected]
