Sources: Caterpillar Inc., Peoria, Ill.; CP staff
A memorandum of understanding positions Caterpillar and Australia-based Fastbrick Robotics to collaborate on development, manufacturing, sales and servicing of the latter companyās bricklaying technology. Effective for 12 months, it will see Caterpillar take a $2 million stake in Fastbrick Robotics, potentially followed by an additional $8 million investment.
A strategic alliance board of Caterpillar and Fastbrick representatives is tasked with a) developing the framework for collaboration; b) determining how best to offer the bricklaying technology to Caterpillar construction customers; and, c) considering the most appropriate and most profitable business models to apply in each country, state and region.
āCaterpillar 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,ā says Fastbrick Robotics Managing Director Mike Pivac.