The FBR Ltd (ASX: FBR) share price is catching the eye on Tuesday.
In morning trade, the ASX robotics stock is up 13% to 4.3 cents.
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Why is this ASX robotics stock jumping?
Investors have been buying the company's shares today after it released an update on the expansion of its Hadrian X bricklaying robot into the United States.
According to the release, FBR has completed the walls of the first home in its US Demonstration Program with CRH Ventures, with the walls certified as compliant with the design and building code.
Management notes that this marks a significant milestone in the commercialisation of FBR's technology, being the first build ever completed by Hadrian X in an international market.
FBR advised that the build was completed with Florida builder New Century USA. It is one of the participating builders in the US Demonstration Program which will include builders across a spectrum of size, volume, and style of homes. This is to demonstrate the versatility and adaptability of Hadrian X.
But it won't stop at this milestone. FBR will build the walls of four more homes for New Century USA in the Demonstration Program.
In addition, it highlights that two homes in the Demonstration Program will be built for another Florida-based builder, Christopher Alan Homes. It topped a regional list compiled by LSI Companies as the largest local and private homebuilder in Southwest Florida. This is based on single-family residential permits in 2023. Clearly, it would be a great customer for FBR should things develop from here.
The ASX robotics stock's managing director and CEO, Mike Pivac, was pleased with the news. He said:
We're very proud to have completed our first residential structure in an international market. Having the opportunity to present our world-leading technology to one of the largest addressable markets in the world has been very exciting so far and we are looking forward to continuing to grow our operations in the United States.
What's next?
The company's Demonstration Program will be deemed complete once FBR completes the construction of the walls of the seven homes for New Century USA and Christopher Alan Homes, plus up to three more homes added to the program by another builder to be nominated by CRH Ventures, with the walls of all structures to be certified by an independent structural engineer.
Upon completion of the program, FBR will receive a payment of US$400,000 from CRH Ventures under the terms of their agreement.
After which, the completion of the program will mark the commencement of a 45-day period for CRH Ventures to exercise the option to form a joint venture for the delivery of Wall as a Service in the United States.
