In our latest technology news, the US giant, caterpillar, which manufactures construction and mining equipment, has invested $2.6 million in the Perth-based company and signed a memorandum of understanding to collaborate on the development, manufacture, sales and services of Fastbrick’s robotic bricklaying technology.
Fastbrick Robotics have also agreed to deal exclusively with Caterpillar for the development and potential commercialisation of the bricklaying technology during the term of the MOU, initially for 12 months.
News of mining and industrial automation has investors flocking in droves into companies looking to increase mine and construction productivity while keeping labour costs and risks low.
Caterpillar’s mining automation and solutions region manager had recently outlined in latest technology news how a global giant like Caterpillar looks at the implementation of automotive technologies.
After the purchase, Fastbrick shares jumped 23% to $0.13 on the news.
Caterpillar will also earn the option to invest a further $US8 million in the company taking its stake to about 7 per cent.
Latest technology news: Caterpillar buys a stake in Australia's robotics industry
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Latest technology news also reports that in the memorandum of understanding, the two will develop a collaboration on the development, manufacturing, sales, and services of Fastbrick’s robotic bricklaying technology.
Robotic Process Automation and artificial intelligence have been maturing steadily over the past 10 years, with remote control centres, autonomous haulage trucking and rail, drilling and automated blasting systems commonplace throughout Australian businesses.
Fastbrick had just recently designed a machine that can lay bricks without human labour.
Fastbrick Robotics managing director Mike Pivac told latest technology news that the company was delighted to sign a memorandum of understanding with Caterpillar and welcomed the company as a new shareholder.
“Caterpillar is a globally recognised industry leader, and we look forward to collaborating with the company and uniting our teams to share ideas, pursue innovation and explore opportunities to commercialise our unique technology,” he said.
Fastbrick’s announcement comes just days after Fortescue Metals announced it hopes to become the first miner to fully automate the majority of its haul-truck fleet.