Fastbrick Robotics, the company which developed a revolutionary bricklaying robot, has signed a multi-million deal with global construction manufacturer Caterpillar.
The US giant, which manufactures construction and mining equipment, has invested $2.6 million in the Perth-based company.
Earlier this week both companies signed a memorandum of understanding to collaborate on the development, manufacture, sales and services of Fastbrick’s robotic bricklaying technology.
Shares in Fastbrick have leapt nearly 20 percent higher to 12.5c on the back of the latest announcement.
Fastbrick is now developing a commercial version of its Hadrian X robot bricklaying machine, which is expected to cost about $2 million when it goes into full production in 2019.
The Hadrian X requires little human interaction and works day and night. It can lay up to 1000 bricks an hour – equal to the output of two human bricklayers for a day.
Under the new agreement, Caterpillar will have an option to invest a further $US8 million ($10.4 million) in the company, taking its stake to about 7 per cent.