FBR share price wobbles after completion of building pilot program

The FBR share price is wobbling after the company announced the completion of its building pilot program agreement with Archistruct.

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The FBR Ltd (ASX: FBR) share price is wobbling slightly during early afternoon trade. The company announced the completion of its building pilot program agreement with Archistruct.

The FBR share price reached an intra-day high of 6.8 cents, before falling back to 6.4 cents at the time of writing.

What does FBR do?

FBR is a robotic technology company that builds robotic arms to assemble structure walls. It is considered faster, safer, more accurate and with less wastage than traditional bricklaying methods.

Its flagship product, the Hadrian X is an automated bricklaying system that can lay an estimated 1,000 bricks per hour as opposed to an output of two human bricklayers for the whole day.

The Hadrian X provides a 'wall as a service' and can adapt quickly to builder demands.

Commercial and community centre build

FBR updated the market advising it had built its first non-residential structure, completing the third and final stage of the building pilot program agreement with Archistruct.

The new commercial and community centre was built using the robotic company's Hadrian X. FBR recorded bricklaying speeds of up to 228 blocks, or 1,049 standard brick equivalents per hour. In addition, the Hadrian X built both an internal and external leaf of a double brick cavity wall.

Notably, it was the first time the Hadrian X worked in hail, high winds and heavy rain.

What did management say?

FBR managing director and CEO, Mike Pivac was proud of the achievement. He said:

The construction of our first non- residential structure is a significant step forward for FBR and the commercialisation of our technology. This structure is the first demonstration of Wall as a Service® in a suburban environment for a client, and we are very pleased with how the Hadrian X® and our team performed.

Mr Pivac also said the ability to construct commercial buildings opened up a valuable global market for the company.

About the FBR share price

The FBR share price has recovered somewhat since its March lows of 1 cent, up 650% to date. However, the FBR share price is trading 36% below its 52-week high of 10.5 cents achieved in July.

I think that FBR is an exciting ASX share to watch. The Hadrian X is considered as a quantum leap in the construction industry. I will be adding the FBR share price to my watchlist for now and monitor its developments.

Motley Fool contributor Aaron Teboneras has no position in any of the 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 Scott Phillips.

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