Fastbrick Robotics Ltd share price rockets 14% higher to an all-time high

The Fastbrick Robotics Ltd (ASX:FBR) share price climbed 14% higher today to reach an all-time high of 20.5 cents. Here's why…

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One of the biggest movers on the market today has been the Fastbrick Robotics Ltd (ASX: FBR) share price.

The shares of the company behind the Hadrian X robot bricklayer climbed 14% higher to reach an all-time high of 20.5 cents.

Why are its shares at an all-time high?

Whilst there was no news out of the company today, investors have been fighting to get hold of Fastbrick Robotics' shares in recent weeks following a major announcement.

That announcement was a US$2 million placement of shares with global construction and mining equipment manufacturer Caterpillar.

As well as the placement, the two companies signed a memorandum of understanding to establish a strategic alliance board with representatives from both companies.

The two parties intend to develop a framework and consider how best to offer Fastbrick Robotics' technology to Caterpillar's global construction customers.

Today's gain means Fastbrick Robotics' shares have now more than doubled in value in just the last 30 days.

Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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