Fastbrick’s robot nears completion, shares rally 17pc
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The first robot-built house is slated for construction in the second half of the year as the robot that’ll be doing the hard labour is almost finished.
Fastbrick Robotics (ASX:FBR) told the market today its Hadrian X construction robot was on track to be fully assembled this quarter, with most of the hard work already complete.
The news sent the share price up 17 per cent on Monday to trade at 17c.
Fastbrick says the route to full operation is now via software and factory testing and then it’s out into the field for the first house build, which is due to be completed by the end of the year.
The Hadrian X will have to prove it can build a three bedroom, two bathroom structure which has been dubbed ‘Build1’ as part of its final testing.
Alongside the robot itself, Fastbrick has designed and produced its own blocks for construction which are equivalent in size to approximately 11 standard house bricks and each weighs less than 20kg.
These blocks too will have to undergo testing in time for the construction of Build1.
After a $35 million capital raise late last year the company was well funded to complete the project – there was $40 million left in the kitty at the end of December.
To date the company has no product and hence no sales revenue – but has signed two key Memorandums of Understanding with global construction giant Caterpillar and the Kingdom of Saudi Arabia.