The arrangements had been set up in June 2017 and extended this summer.
In the announcement to the Australian Securities Exchange, FBR’s chief executive officer Mike Pivac said: “Due to emerging strategic imperatives, we have agreed to discontinue our memorandum of understanding with Caterpillar. We acknowledge Caterpillar’s support to date and despite our strategic divergence we will continue to consider opportunities where we can work together in the future.”
Caterpillar said that the decision to part ways with FBR was reflective of its strategic priorities rather than an indication of any dissatisfaction with FBR’s progress to date or its technology. It said that it would continue to monitor FBR’s efforts and evaluate future opportunities as appropriate.
Both have acknowledged that, despite the dissolution of the current arrangements, they remain open to possible future business opportunities together.
Caterpillar will divest its current 2.13% shareholding in due course.
FBR recently announced the completion of a house built by its Hadrian X robotic system (link opens in new tab).