Fastbrick Robotics Ltd's (ASX:FBR) shares have soared 54.3% to $0.27 in morning trade, following the company entering into a Memorandum of Understanding with Saudi Arabia.
The agreement is in relation to a potential project to utilise Fastbrick's Hadrian X construction robots to build a minimum of 50,000 new homes by 2022.
Saudi Arabia’s housing shortage is being fueled by a high demand for housing, growing population and increased labour costs.
Fastbrick has positioned itself to help solve the problem.
Hadrian X is a globally patented 3D robotic bricklaying system and marks the transition to dynamically stabilised robots operating outdoors in uncontrolled environments.
Company Name · Code · Last · Change · Volume
Fastbrick Robotics Ltd · FBR · $0.265 · 51.43% · 31,420,967
Calidius Resources Ltd · CAI · $0.034 · 36% · 27,202,919
Gas2Grid Ltd · GGX · $0.004 · 33.33% · 1,043,753
Eve Investments Ltd · EVE · $0.005 · 25% · 15,215,578
Arrowhead Resources Ltd · AR1 · $0.011 · 22.22% · 1,944,056
Kogi Iron Ltd · KFE · $0.012 · 20% · 729,922
Kabuni Ltd · KBU · $0.007 · 16.67% · 500,000
Funtastic Ltd · FUN · $0.007 · 16.67% · 200,000
Cougar Metals NL · CGM · $0.007 · 16.67% · 220,000