Pinned straw:
FBR has completed its first real home walls build for a Florida builder. It has contracts in place for 6 more, spilt between 2 building companies. The potential JV partner, CRH Ventures, may nominate to add a third builder and 3 more homes to the demo program.
At the completion of the demo program, CRH Ventures will have 45 days to exercise the JV option.
Some may question the wisdom of sending your pride and joy robot-truck to Florida just in time for hurricane season. With the apparently monstrous Hurricane Milton bearing down on them on the heels of Hurricane Helene, it'll be interesting to see how this plays out.
Yesterday they did announce that the 2nd build was completed at the end of September and engineer certified. The third was apparently underway but they pulled up stumps partway through when Hurricane Helene approached.
FBR has completed the first 5 of 10 demonstration homes with CRH Ventures. It has 2 more ready to go and is negotiating on the final 3. At least one of them will be with PulteGroup, apparently the third largest homebuilder in the US.
They are simultaneously building some townhouses in Perth.
They have 2 quarters of funding left.
