D.R. Horton (NYSE:DHI), the U.S.'s largest homebuilder, has invested in closely held Boxabl, a maker of compact prefabricated homes, through the purchase of preferred shares, according to a statement from Boxabl. Terms of the deal weren't disclosed.
In addition, the two companies entered a cooperation agreement in which D.R. Horton (DHI) will share resources with Boxabl to help the smaller company grow. The agreement includes a phase one order of 100 of Boxabl's Casita units.
"We expect D.R. Horton's (DHI) experience in developing houses will be invaluable as we roll out the first batches of consumer facing Casitas," Boxabl said.
So far, Boxabl has sold over $100M in preferred stock and has completed manufacturing its first order for the government, Boxabl's Galiano Tiramani said in an email. The company is also planning a new $1B factory.
As of last July, Boxabl received commitments for over $30M of its preferred shares.