The market is having a bit of a subdued session on Wednesday, but that isn't stopping one ASX robotics stock from storming higher again.
At the time of writing, the FBR Ltd (ASX: FBR) share price is up 19% to 5.6 cents.
This means that its shares are now up 75% since the end of last week.
What is this ASX robotics stock?
FBR, which was previously known as Fastbrick Robotics, designs, develops, and builds dynamically stabilised robots to address global needs in a safer, more efficient and more sustainable way.
It notes that these robots are designed to work outdoors using the company's core Dynamic Stabilisation Technology (DST).
The first application of DST for FBR is the Hadrian X robot. It is a bricklaying robot that "builds structural walls faster, safer, more accurately and with less wastage than traditional manual methods."
The company is now attempting to follow in Chris Hemsworth's steps by cracking America.
In May, FBR revealed that a Hadrian X robot had departed the port of Fremantle, Western Australia, on a ship bound for Florida. This is to conduct FBR's first international demonstration program
What's the latest?
On Monday, the ASX robotics stock revealed that its Hadrian X robot has now arrived on American shores.
Once unloaded from the ship and cleared of customs, the robot will be transported to a facility in Fort Myers, Florida.
After which, it will undertake Site Acceptance Testing at the facility. This consists of a test build outdoors with the same requirements as its previously completed Factory Acceptance Testing, plus the inclusion of some bond beam blocks and an inspection from an independent structural engineer to confirm that the constructed walls of the test build are consistent with the design and meet applicable building standards.
Completion of the Site Acceptance Testing will trigger a US$600,000 payment by CRH Ventures to FBR. It will also trigger the commencement of the Demonstration Program.
Demonstration Program
This Demonstration Program requires FBR to construct the external walls of between five and ten single-storey houses utilising Hadrian X.
If that is successful, it could be good news for the ASX robotics stock. The company has an agreement in place with CRH Ventures
It has granted CRH Ventures an exclusive option to trigger the commencement of a joint venture for the supply of Wall as a Service using Hadrian X construction robots in the United States. After which, the joint venture will issue a binding but conditional purchase order for 20 Hadrian X units at US$2 million each plus applicable sales tax. It then has a pathway in place to take the total to 300 units eventually.
But there's a lot of work to be done until that happens. So, investors may want to be patient and wait for further news before considering an investment in this speculative stock.
