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- Robotic technology company FBR (FBR) is discontinuing its Fastbrick Australia joint venture with Brickworks Building Products, due to the current economic landscape
- Through the joint venture, Brickworks Building Products was to supply FBR with bricks and blocks for its bricklaying robotic technology, Hadrian X
- FBR attributes the move to the COVID-19 economic landscape, the current Australian residential construction market and the companies’ upcoming joint venture obligations
- Moving forward, FBR hopes to refocus its operations in the U.S. and Europe, where it has recently been receiving increased interest
- FBR shares have slid 22.2 per cent, now trading for 3.5 cents each
Robotic technology company FBR (FBR) is discontinuing its Fastbrick Australia joint venture with Brickworks Building Products, due to the current economic landscape.
Through the joint venture, Brickworks Building Products was to supply FBR with bricks and blocks for its bricklaying robotic technology, Hadrian X. With the joint venture now deregistered, FBR will still be able to purchase bricks and blocks from Brickworks Building Products under a normal commercial agreement.
As the joint venture is being discontinued, Fastbrick Australia’s pilot programme agreements with Archistruct Builders & Designers and Summit Homes Group will also be dissolved.
FBR attributes move to the COVID-19 economic landscape, the current Australian residential construction market and the companies’ upcoming joint venture obligations.
However, despite the agreements being terminated, the company is going ahead with its plan to build a display home in Western Australia, using its Hadrian X technology.
Moving forward, FBR hopes to refocus its operations in the U.S. and Europe, where it has recently been receiving increased interest.
FBR’s CEO, Mike Pivac commented on the company’s change in direction.
“Going forward, FBR intends to focus on the deployment of its robotic technologies in large overseas markets with a compelling use-case for our technology,” Mik stated.
The dissolution of Fastbrick Australia frees up equipment and resources previously committed to the joint venture and will enable FBR to accelerate the progress of its global opportunities,” he said.
Mike went on to say that the decision to discontinue the joint venture was made in the best commercial interests of both FBR and Brickworks.
FBR shares have slid 22.2 per cent, trading for 3.5 cents each at 10:48 am AEST.
