FBR (ASX:FBR) said CRH Ventures did not exercise its option to form a joint venture after the option period granted to the firm ended on Sunday, according to a Monday Australian bourse filing.
The firm is no longer subject to the exclusivity arrangements with CRH Ventures, the filing said.
It had completed a demonstration program, working with a set of builders in the US, for which it received non-refundable payments of $2 million from CRH Ventures.
FBR engaged with governments in Australia and some state governments in the US regarding its robotic construction technology, per the filing. It has also been advancing talks with third parties regarding financing options as an alternative arrangement to the joint venture.
FBR's shares were down almost 10% in recent Tuesday trade, hitting a 52-week low.
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