Australian robotic technology company, Fastbrick Robotics (ASX: FBR), has entered into a memorandum of understanding with Caterpillar Inc. (NYSE: CAT) to discuss and develop a potential framework for collaboration regarding the development, manufacturing, sales, and services of Fastbrick Robotics’ robotic bricklaying technology.
- Fastbrick Robotics signs Memorandum of Understanding (MOU) with Caterpillar Inc.
- MOU is for collaboration between Caterpillar and Fastbrick Robotics in relation to the Fastbrick Robotics robotic bricklaying technology.
- Fastbrick Robotics welcomes Caterpillar to its share register with an investment of USD$2 million via placement.
- Caterpillar will, subject to Fastbrick shareholder approval, have an option to invest a further USD$8 million.
The MOU also establishes a strategic alliance board with representatives from both companies that intends to develop that framework and consider how best to offer this FBR Technology to Caterpillar’s construction customers.
The board will also consider the most appropriate and most profitable business models to apply in each country, state and region.
The MOU has an initial 12-month term, which may be either extended by mutual written agreement or terminated by either party at any time.
Fastbrick Robotics has also agreed to deal exclusively with Caterpillar for the development and potential commercialisation of the FBR Technology during the term of the MOU.
Simultaneous with the signing of the MOU, Caterpillar, through a wholly owned subsidiary, is investing USD$2 million in Fastbrick Robotics via a placement, which is being undertaken in accordance with the terms of a placement agreement. Pursuant to the placement agreement, Fastbrick Robotics will issue fully paid ordinary shares to Caterpillar at an issue price of $0.10 AUD per share.
Subject to approval by Fastbrick Robotics shareholders, Caterpillar, through that wholly owned subsidiary, also will have an option to invest a further USD$8 million in Fastbrick Robotics at an issue price of $0.20 AUD per share. Fastbrick Robotics intends to seek that shareholder approval within 60 days.
Fastbrick Robotics Managing Director Mike Pivac:
“Fastbrick Robotics is delighted to sign a MOU with Caterpillar and welcomes the company as a new shareholder. Caterpillar is a globally recognised industry leader, and we look forward to collaborating with the company and uniting our teams to share ideas, pursue innovation and explore opportunities to commercialise our unique technology.”
About Fastbrick Robotics
Fastbrick Robotics is an Australian robotics company developing and commercialising digital construction solutions.
Fastbrick Robotics’ revolutionary Hadrian X bricklaying machine represents the first application of the Company’s underlying intellectual property portfolio and represents a global revolution in robotics technology.
Hadrian X marks the transition from robots working indoors to working outdoors in uncontrolled environments which is enabled by the Company’s patented dynamic stabilisation technology.
Fastbrick Robotics is committed to improving the safety, speed, accuracy, cost and waste management within the global construction industry through utilising the world’s latest innovations in mobile robotic technology.
To learn more visit: www.fbr.com.au
For more than 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent.
Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets.
With 2016 sales and revenues of $38.537 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.
The company principally operates through its three product segments – Construction Industries, Resource Industries and Energy & Transportation – and also provides financing and related services through its Financial Products segment.
For more information visit: www.caterpillar.com