An Australian robotic technology company, Fastbrick Robotics Ltd. has entered into a memorandum of understanding (MOU) with Caterpillar Inc. to discuss and develop a potential framework for collaboration regarding the development, manufacturing, sales, and services of Fastbrick Robotics’ robotic bricklaying technology. The MOU also establishes a strategic alliance board with representatives from both companies that intends to develop that framework and consider how best to offer this FBR Technology to Caterpillar’s construction customers. The board will also consider the most appropriate and most profitable business models to apply in each country, state and region.
The MOU has an initial 12-month term, which may be either extended by mutual written agreement or terminated by either party at any time. Fastbrick Robotics has also agreed to deal exclusively with Caterpillar for the development and potential commercialization of the FBR Technology during the term of the MOU.
Simultaneous with the signing of the MOU, Caterpillar, through a wholly owned subsidiary, is investing USD$2 million in Fastbrick Robotics via a placement. Subject to approval by Fastbrick Robotics shareholders, Caterpillar, through that wholly owned subsidiary, also will have an option to invest a further USD$8 million in Fastbrick Robotics. Fastbrick Robotics intends to seek that shareholder approval within 60 days.
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Fastbrick Robotics’ Hadrian X bricklaying machine represents the first application of the company’s underlying intellectual property portfolio. Fastbrick said Hadrian X marks the transition from robots working indoors to working outdoors in uncontrolled environments which is enabled by the company’s patented dynamic stabilization technology.
For more information: http://www.fbr.com.au/view/home