FBR Limited (ASX: FBR) is marching forward with the commercialisation push for its specialist robotics technology after nailing down a $20 million funding agreement with GEM Global Yield.
The flexible three-year share subscription facility is set to support FBR’s next phase of growth and help to drive global revenue opportunities.
In particular, the cash injection will help push its Hadrian X and Mantis systems closer to large-scale commercial deployment.
Redefining bricklaying with Hadrian X
Hadrian X is a fully automated robotic bricklaying system used to construct structural walls based on 3D computer-aided design models.
It utilises FBR’s proprietary Dynamic Stabilisation Technology (DST) to operate with precision in outdoor environments by compensating for variables such as wind and vibration.
FBR has already built 42 structures with Hadrian X – 32 in Western Australia and 10 in the US state of Florida.
The company is now preparing for full-scale deployment of this innovative system used primarily in the construction industry.
For instance, its recently executed a non-binding Memorandum of Understanding with Northern Territory builder Habitat for the sale of Hadrian X units.
Here, FBR will supply Hadrian X units to Habitat with an initial purchase order price for one unit totalling $7.8 million – should a binding agreement be finalised.
Habitat plans to use Hadrian X to construct Besser-block homes and defence infrastructure in and around Darwin.
Expanding beyond construction with Mantis
FBR recently launched its new Mantis system which brings DST capabilities to large-scale metal fabrication sectors such as mining, shipbuilding, and defence.
The system is a purpose-built automated welding robot with an 8-metre reach. Its in-house designed welding head is equipped with a laser scanner for seam detection and tracking to ensure weld quality on variable parts.
Mantis utilises FBR’s proprietary DST technology to significantly reduce complexity and part manipulation, compared to conventional methods used in automated welding.
Strategic funding to drive expansion
The funding agreement with GEM Global Yield appears to come at a pivotal moment for FBR’s growth journey.
The company will now look to accelerate the launch and marketing of Mantis across target industries, whilst expanding ‘wall-as-a-service’ (WaaS) commercial opportunities for Hadrian X in both Australia and the US.
FBR also plans to pursue the development of other DST-enabled products.
In addition, the funds will support ongoing workstreams such as the company’s collaboration with one of the largest shipbuilders in the world.
Shipbuilding potential
FBR recently executed an Engineering Service Agreement with Samsung Heavy Industries to deliver the first phase of a shipbuilding automation project.
Here, the company is tasked with developing and conducing a physical demonstration and validation of a core technology module for a shipbuilding construction robot.
This ‘Phase 1’ of the collaboration is expected to be completed in upcoming months.
More broadly, the duo will explore commercialisation business models for a shipbuilding construction robot, in preparation for potential subsequent phases of their cooperation.
Funding opportunity for shareholders
FBR recently received firm commitments to raise $1 million through a placement to sophisticated and profession investors, spearheaded by renowned Melbourne-based investment firm Peak Asset Management.
The company simultaneously launched a share purchase plan (SPP) to raise up to $1 million more, allowing eligible shareholders to participate on the same terms as the placement.
This capital raising initiative builds on the $20 million financing arrangement with GEM Global Yield.
The SPP opened on Monday 18th of August and is due for closure on Friday 29th of August.
News SPP shares are expected to commence trading on the ASX on in the second week of September.