The share price of Fastbrick Robotics Ltd [ASX:FBR] has jumped 34.29% at time of writing thanks to a massive deal.
Fastbrick has agreed to build a minimum of 50,000 homes by 2022 in Saudi Arabia, with a target of half a million homes by 2022. No small feat, but it represents a big win for this Aussie tech company.
Fastbrick will need to provide 100 of their Hadrian X bricklaying robots to make it happen. It’s an ambitious goal, but one the Saudi government is desperate to facilitate. The country is currently in the midst of a housing shortage and is desperately trying to remedy the problem.
Can Fastbrick make it happen?
The finer details on the deal are yet to agreed upon, with the company commenting:
‘Final pricing in relation to the Hadrian X robots has not yet been settled however initial pricing discussion indicate a significant potential opportunity for the Company.’
What’s more, the agreement could lead to more business opportunities in the region. Fastbrick has its sights set on a few potential markets already. There is no doubt this could be a breakout moment for the company.
It also comes roughly a month after Fastbrick signed a deal with Caterpillar Inc. [NYSE:CAT], which develops and sells manufacturing machinery.
For now, investors will have to wait and see how the deal unfolds. But both the company and its shareholders can take a moment to celebrate.
Junior Analyst, Money Morning
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