Highlights:
• VEEM awarded $1 million under the Defence Industry Development Grants Program – Sovereign Industry Priorities Stream.
• Grant is to purchase and install a multi-axis CNC machine and scanner for manufacturing propellers and other critical components for Navy.
• Grant of $1 million is to fund up to 50% of the total project cost which is estimated at just over $2 million.
• VEEM is currently extending its current facilities in Western Australia and this equipment is expected to be installed in the new extension when completed.
VEEM Limited (ASX: VEE) (‘VEEM’ or ‘the Company’), a designer and manufacturer of disruptive, high-technology marine propulsion and stabilisation systems for the global luxury motor yacht, fast ferry, commercial workboat and defence industries, is pleased to announce that it has been awarded a grant of $1 million under the Federal Government’s Defence Industry Development Grants Program – Sovereign Industry Priorities Stream.
The Defence Industry Development Grants Program – Sovereign Industry Priorities Stream funding will be used to install a multi-axis CNC machine and scanner that have the capability to be used for manufacturing propellers and other critical components for Navy, including Frigates, Patrol Boats, autonomous vessels and submarines.
VEEM is currently at the design stage of extending its current facilities in Western Australia. This new equipment is expected to be installed in the new extension when completed. Completion is expected around 31 December 2025.
VEEM Managing Director Mark Miocevich said: “We are very appreciative of receiving the $1 million grant to help us fund a new CNC machine and other equipment. This enables VEEM to increase its capacity and capability for manufacturing propellers and other critical components for Navy, including Frigates, Patrol Boats, autonomous vessels and submarines.
“VEEM looks forward to the increased opportunities for local manufacture coming out of AUKUS and other naval shipbuilding programs”.
