A major Australian ethical investment manager, Hunter Hall, just made a $8 million investment in Fastbrick Robotics, the creator of the one-armed bricklaying robot.
Hunter Hall Investment Management Limited paid 8.1 cents a share, a 6.9% discount to Tuesday’s closing price, to give it 17.2% in Fastbrick.
The shares jumped 16% to 11 cents in early trade.
The cash injection from the cornerstone investor will be used to complete the Hadrian XTM commercial robot bricklaying prototype and for working capital.
“Hunter Hall have a long term investment horizon, and have been supporting FBR (Fastbrick Robotics) through on-market buying, so we see them as an excellent strategic fit as a cornerstone investor,” says Fastbrick CEO and co-founder Mike Pivac.
“We are delighted to have secured Hunter Hall as a cornerstone investor, and we are appreciative of their conviction to back FBR’s technology and team.”
Pivac says the capital ensures the business is fully funded into 2018.
The commercial prototype now being built will be able to do in an hour what would take two human bricklayers almost a day to complete.
Here’s an animation of the robot in action:
The truck-mounted, fully-automated bricklaying machine can lay up to 1,000 standard bricks an hour from a 30 metre boom.
“We actually print a house, layer by layer … almost as if it’s growing out of the ground,” says Fastbrick chief technical officer Mark Pivac.
The Perth-based company listed on the ASX in November 2015 in a reverse takeover of DMY Capital. An oversubscribed IPO raised $5.75 million at 2 cents a share.
The prototype Hadrian 105 robot, the first of its kind, can be seen in action below: