PHP Ventures (NASDAQ: PPHP) and Modulex have announced a plan to combine, a deal that will supercharge the company’s ability to rapidly construct healthcare, residential, office, and more structures in emerging markets where time and costs are in short supply.
- With a focus on emerging markets, Modulex creates Carbon Net Zero-certified buildings that can be designed in a matter of minutes to meet specific needs and purpose and assembled significantly faster without compromising quality, safety – and with airtight energy efficiency
- Modulex and PHP have provided the blueprint for how AI and IoT construction technology can solve critical infrastructure challenges in rapidly developing regions.
- Modulex already has an order pipeline of some $40 million from customers across the globe
- PHP is a special purpose acquisition company with a $58.1 million trust dedicated to business combinations
- AI and IoT enable Modulex to better plan up-front and provide real-time monitoring on-site during assembly, to avoid the costly issues that historically impact construction – issues which are amplified when building in remote areas.
- Modulex today is building its own Mega Factory in India - a 40-acre facility where fully fitted steel modular buildings, bathroom pods, doors, and windows
- The deal will facilitate funding for five factories located in the U.S., South Korea, Vietnam, Brazil, and Egypt – with a long-term plan to roll out an additional 15 factories.
- The transaction is expected to close as early as the second quarter of 2023, and the Combined Company will operate under the Modulex name and anticipates being listed on the Nasdaq Capital Market under the symbol “MDLX.”
To read more, click on press release is here.