Fastbrick signs a deal with Caterpillar to develop bricklaying robots
Jessica Sier for The Sydney Morning Herald: Investors poured into small-cap robotics company, Fastbrick Robotics, on Monday after the company struck a deal with global construction manufacturer Caterpillar.
The US giant, which manufactures construction and mining equipment, has invested $2.6 million in the Perth-based company and signed a memorandum of understanding to collaborate on the development, manufacture, sales and services of Fastbrick's robotic bricklaying technology.
Shares in Fastbrick rocketed 19.05 per cent higher to 12.5¢.
Fastbrick is building a commercial version of its robot bricklaying machine, Hadrian X, which will cost about $2 million when it goes into full production in 2019.
The Hadrian X requires little human interaction and works day and night, laying up to 1000 bricks an hour, which is about the output of two human bricklayers for a day.
Caterpillar will also earn the option to invest a further $US8 million ($10.4 million) in the company, taking its stake to about 7 per cent. Full Article:
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