Veem awarded $2 million to invest in new 3D printer, CNC machine supporting nuclear ambitions

Marine propulsion and stabilisation specialist Veem has shared details of two projects awarded funding on Friday through the Defence Industry Development Grants Program, with the company to invest in a new sand 3D printer and multi-axis CNC machine.

In a statement on Monday, Perth-based Veem told the ASX that each grant provides $1 million in support and covers roughly half the cost of each project, and came through the DIDG program’s Sovereign Industry Priorities Stream. 

Veem is currently in the design stage for an extension of its facilities. The extension is scheduled to be complete by the end of 2025 and the commissioning of new equipment in the second half of the 2026 financial year.

The two projects are:

• Purchase and installation of a 3D sand printer “capable of printing moulds required for the casting of  propellers, valves and other critical components for Nuclear-Powered Submarines (NPS), Unmanned  Underwater Vehicles and other Naval vessels”; and 
• Purchase and installation of a multi-axis CNC machine capable of machining valves, propellers and other  critical components required for the same vehicles.

Managing Director Mark Miocevich the funding enables the company “to increase its capacity and capability for manufacturing propellers and other critical components for Navy and the Nuclear-Powered Submarine program in particular. 

“VEEM looks forward to the increased opportunities for local manufacture coming out of AUKUS and other naval shipbuilding programs.” 

Veem serves international motor yacht, fast ferry, commercial workboat and defence markets. It is currently involved with HII under the Australian Submarine Supplier Qualification (AUSSQ) pilot program “to become part of the United States submarine industrial base.”

Defence industry minister Pat Conroy announced 58 grants totalling $16.5 million on Friday, supporting defence suppliers across four streams. Funding covers up to 50 per cent of project costs.

“Four businesses in South Australia, Queensland, Western Australia and Victoria”, including Veem, were awarded the highest grant value of $1 million, according to the announcement.

Picture: one of the company’s gyrostabilisers (credit Veem)

Further reading

Defence and exclusive global marine contracts swell VEEM profits

VEEM and Sharrow develop improved vessel propeller

Veem to manufacture propellers for USA’s Sharrow Marine

VEEM wins new Singapore shipbuilder customer