Robotic technology company FBR Limited (ASX:FBR) has secured construction financing for robotically built housing to support and grow the company’s construction operations using the Hadrian X construction robot and the Fastbrick Wall System.
FBR has signed an agreement with FC Securities Pty Ltd, a subsidiary of one of Australia’s largest alternative asset managers FC Capital, for a $2 million revolving debt facility to finance up to 67.5% of the land and construction cost of five homes FBR is building in Wellard, plus any subsequent FBR residential builds within the 30-month term of the facility.
The facility gives FC first ranking securities comprising a mortgage over the Wellard properties and FBR’s subsidiary Fastbrick Engineering Pty Ltd.
We are pleased to have secured construction financing to assist us in delivering high quality robotically built structures here in Australia,” FBR Managing Director Mike Pivac said.
“The global rollout of the Hadrian X will be underpinned by various forms of non-dilutive construction and machine financing, and the demonstration of support from an alternative asset manager shows market acceptance for FBR’s technology and methodology.”