- Robotics Technology Company FBR (FBR) Secures $4 Million Research and Development (R&D) Tax Loan Facility with FC Capital
- The facility is in place until the end of 2024 and has an initial interest rate of 8.5% for the remainder of 2022, but will then be reduced to 8.15% per annum.
- In addition, FBR’s subsidiary, Fastbrick Engineering, has set up a leasing facility, also with FC Capital
- The three-year installation is $3.3 million to be split equally between FBR’s two Hadrian X construction robots
- Shares of the company are trading down 3.45% to 2.8 cents
FBR (FBR) has entered into a research and development (R&D) tax loan facility with FC Capital.
The facility allows FBR to draw up to 90% of its currently earned R&D tax incentive rebates or $4 million, whichever is less at the time of drawdown.
The facility, in place until December 31, 2024, has an initial interest rate of 8.5% in 2022, which will increase to 8.15% per annum on top of the published one-month bid rate for the Australian Bank Bill Swap Reference Rate which is currently 0.33%.
It also comes with a one-time setup fee of 1.5% and a line fee of 3% per year.
In addition, robot technology company subsidiary Fastbrick Engineering has established a leasing facility with FC Capital.
The financing facility includes $3.3 million to be split equally between FBR’s two Hadrian X construction robots.
The facility has a term of three years and a lump sum payment of 40% at the end of the term.
FBR said setting up the financing facility was the first time it had lease financing on Hadrian X robots.
The company noted that the facility is in addition to a construction finance facility secured in March that provides financing for homes built by construction robots.
Hadrian X is a masonry robot that FBR says builds structural walls faster, safer and with less waste than traditional methods.
Shares of the company were trading down 3.45% to 2.8 cents at 1:29 p.m. AEST.