Caterpillar Signs Memorandum of Understanding with Fastbrick Robotics
Australian robotic technology company Fastbrick Robotics Ltd. has entered into a memorandum of understanding (MOU) with Caterpillar 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 the 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 FBR technology during the term of the MOU.
Simultaneous with the signing, Caterpillar, through a wholly owned subsidiary, is investing $2 million in FBR via a placement, which is being undertaken in accordance with the terms of a placement agreement, which calls for FBR to issue fully paid ordinary shares to Caterpillar at AU $0.10 per share.
Subject to approval by FBR shareholders, Caterpillar will have an option to invest an additional $8 in Fastbrick Robotics at an issue price of AU $0.20 per share. FBR intends to seek that approval within 60 days.
“Fastbrick Robotics is delighted to sign a MOU with Caterpillar and welcomes the company as a new shareholder,” said FBR managing director Mike Pivac. “Caterpillar is a globally recognized industry leader, and we look forward to collaborating with the company and uniting our teams to share ideas, pursue innovation and explore opportunities to commercialize our unique technology.”
To watch Fastbrick Robotics technology in action, go to: https://www.youtube.com/watch?v=4YcrO8ONcfY
