FBR Share Price Edges Up as It Takes First Steps Towards Revenue
At time of writing, the FBR share price has edged up 2.74%, trading at 7.5 cents.
FBR’s Hadrian X tech is a ‘revolutionary bricklaying robot’ designed to create a turning point in the global construction industry by building the walls of houses in just one day using AI/automation technology rather than human labour.
In February of this year, FBR completed the world’s first outdoor structure using the Hadrian X technology.
Then in May 2019, FBR formed a 50/50 joint venture with Brickworks to establish Fastbricks Australia, aimed at providing Wall as a Service (WaaS) to the Australian market.
Today, it was announced that Fastbrick have entered into a Building Pilot Program Agreement with Western Australia builder, Archistruct.
The agreement aims to demonstrate ‘the speed, accuracy, safety, quality, waste profile and reliability of the Hadrian X construction robot in a low-risk environment…as part of [Fast brick’s] commercialisation strategy.’
Fastbrick to receive first revenue from pilot program
The agreement involves three stages and will represent the first bit of revenue for Fastbrick.
The first stage — the Demonstration Stage — involves Fastbrick constructing between five and 12 house structures of Archistruct design using their Hadrian X robotics technology.
Archistruct will inspect these structures to ensure they meet building standards, and then they will move onto the Display Home Stage.
Here, FBR and Archistruct will enter a contract where Archistruct will build a display home using Hadrian X for the bricklaying.
This display home will be opened up to the public ‘to demonstrate and promote the use of the Hadrian X in residential home construction.’
The final stage of the agreement — the Building Project Stage — involves building a single storey residential structure under a building contract with a homebuyer, using Hadrian X technology.
Fastbrick will be paid for each structure completed under the Building Pilot Program Agreement at the current bricklaying market rate in WA.
Fastbrick intends to enter into similar agreements with other WaaS providers to boost the commercialisation of their Hadrian X technology.
The first of its kind
FBR CEO, Simon Amos, says these agreements help the company ‘prepare their business model and processes for the new world of robotic construction.’
Meanwhile, Archistruct Director Domenic D’Agnone discussed the major changes that are on the horizon for his industry, saying:
‘We see robotic construction as a big part of the future of the industry…and are looking forwards to delivering the world’s first brick homes built using an on-site autonomous bricklaying robot.
‘Being a part of the Building Pilot Program also gives us an opportunity to understand, plan for and maximise the benefits of robotic construction, and to make sure our people have the right information and skills ahead of the industry’s transition into more high-tech operations.’
And while the progression into each stage is subject to Archistruct approval, this agreement could play a role in generating further publicity for FBR’s technology.
As it stands, there are just a handful of ASX-listed AI/automation companies like FBR.
For Money Morning