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Modulex Modular Buildings Plc. is a construction company with a difference – specializing in the development of environmentally friendly modular buildings using advanced technologies such as artificial intelligence and IoT. The UK-headquartered company’s technology helps reduce construction costs and save time. Recently, it signed a business combination agreement with PHP Ventures Acquisition Corp. to become a public company.
In an interview with AlphaStreetModulex chief executive Suchit Punnose spoke about the company’s operations and planned Nasdaq listing.
Can you provide an update on your planned business combination and Nasdaq listing?
We signed a definitive business combination agreement with PHP Ventures Acquisition Corp. in December 2022 and the transaction is expected to close early in the second quarter of 2023. The transaction is expected to create a combined pro forma business value of $682.5 million with Modulex becoming a public company on the Nasdaq Capital Market under the symbol MDLX.
What is the nature of Modulex’s business and how does it differ from other construction technology companies?
Modulex is a ConstructTech business that delivers “Modular Buildings 2.0” – Carbon Net Zero certified IoT-enabled smart buildings designed using AI with quality assurance on the blockchain.
Modulex will take its initial British steel modular building technology to India and five growth markets where growing infrastructure needs are anticipated. The business model is to franchise these technologies to the BRICS and N11 economies through wholly or partially owned franchises. A design center will be set up in the UK, from where design services will be offered to franchisees worldwide using IP that is continuously developed and stored in the UK. Advanced design combined with the latest building technology will be used to deliver smart and intelligent buildings with a very low operating carbon footprint.
In addition, we are planning a global rollout of 20 factories in 15 countries to meet the global demand for quality structural construction in emerging markets. This plan is driven by our ability as a combined entity to develop ourselves Mega Factories where our 3D volumetric steel modular buildings can be produced at scale using emerging technologies, such as Artificial Intelligence (AI), Blockchain & Internet of Things (IoT).
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What sets us apart is that Modulex has taken proven UK steel modular building technology and enhanced it with AI, IoT and Blockchain based technologies, delivering net zero carbon certified buildings with a lower carbon footprint and operational efficiency.
We have a business roadmap and technology model that enables Modulex to directly address the lack of affordable housing and other infrastructure requirements in emerging markets. Unlike the image that some have of prefab slab systems in previous decades, Modulex modules enable the development of attractive buildings that meet the highest standards with a focus on energy-efficient and affordable airtight structures.
As mentioned above, Modulex now builds a MegaFactory for steel modular buildings on location in India from where we can export modules to USA, UK, and EU. At MegaFactory will be a 40-acre facility located 280 km from Mumbai. From here we will be able to produce complete steel modular buildings, bathroom pods, doors, and windows. We have an unwavering commitment to carbon neutrality and innovation, combined with a determination to harness the power of emerging technologies to meet critical housing and infrastructure needs around the globe, quickly, and with optimal efficiency. This is the foundation on which this company was built and what will continue to guide our actions.
Can you share your views on new trends in modular construction, as well as in the building industry?
Trends greatly affect the modular construction industry and vary across regional markets. From regional resource shortages to on-site labor shortages, technological advances continue to provide solutions before projects even begin. The demand for development in high-growth areas is driven by the lower, faster demand to build safe and sustainable structures. By using ConstrucTech solutions, we can reduce the time and costs that have historically hindered high-quality construction and provide solutions with the flexibility to adapt to the specific requirements of a given project.
Modular construction has moved away from precast concrete panels and gained new attention, not only to meet immediate demand but as a solution with lower and long-term management costs, especially in the understaffed and residential markets. Modular construction will undoubtedly continue to evolve into a leading solution for commercial and residential structures.
How do you see economic uncertainty, in terms of its impact on business?
Modular building solutions look more attractive in the down market – allowing developers to assemble structures for the long term with the cost savings needed today. Independent of the current market climate, modular construction is gathering the attention of investors, not only from developers and decision makers responsible for smart growth in a rapidly developing market. The innovation behind the product reassures investors that they are supporting a company that can intelligently facilitate the design, delivery, and installation of modules. The shift parallels a shift in the perception of prefab construction.
Our transaction highlights the great value that investors see in the global construction technology market and the solutions that companies like Modulex can provide. Since we announced the transaction, it has been hailed as a value-driven opportunity for investors who immediately recognized a solid foundation, a clear expansion roadmap, and the ability to meet rising demand in a growth market. We continue to gain the support of top tier investors and access to the US capital markets.
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Have you seen any changes in the business model after the company became a public entity?
By closing this proposed transaction, Modulex is positioned as a leader in rapidly developing buildings for emerging markets. Our state-of-the-art solutions allow structures to be available at a neutral cost and generally 30-50% faster than traditional construction. As mentioned before, our model allows us to provide Carbon Net Zero certified 3D volumetric steel modular buildings, embedded with EmergingTech such as AI, Blockchain, and IoT.
With a model ready for success, we therefore focused on expansion and geographic diversification in India, Saudi Arabia, South Korea, Vietnam, Egypt, and Brazil followed by up to 20 factories in 15 countries.
The Combined Company is expected to receive a net profit, after the financing of $ 30 million, approximately $ 82.5 million of which, among other things, is expected to finance development for organic growth and expansion, including financing for five factories in South Korea, Vietnam, Brazil, Egypt , and US The Group may seek pre-transaction financing of up to US$30 million, PIPE, or other financing alternatives prior to the closing of the Business Combination.
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