The Fastbrick Robotics Ltd (ASX: FBR) share price has continued its strong run and is significantly higher in afternoon trade.
At the time of writing the shares of the company behind the Hadrian X bricklaying robot are up 11% to 20 cents.
This means that its shares have almost doubled in value since this time last month.
What happened?
Fastbrick Robotics shares have been on a tear since it revealed a US$2 million placement of shares with global construction and mining equipment manufacturer Caterpillar Inc. last month.
According to the announcement, the memorandum of understanding (MOU) establishes a strategic alliance board with representatives from both companies.
Ultimately the board intends to develop the framework and consider how best to offer Fastbrick Robotics' technology to Caterpillar's construction customers.
The MOU has an initial 12-month term, which may be either extended by mutual written agreement or terminated by either party at any time.
