VEEM Ltd announced in an official release that it has entered into a non-binding term sheet agreement with Aurora Labs to investigate the potential of 3D printing technology for efficient manufacturing of VEEM’s specialist technology including propellers, fin systems and world-leading gyrostabilisers.
Australian technology and innovation company, Aurora Labs, which develops metal 3D printers & powders is currently testing its high speed, industrial grade, large format 3D metal printers that can be used for large-scale industrial manufacturing on a cost-effective basis.
Precision engineering group VEEM Ltd aims to explore the metal 3D printing technology developed by Aurora Labs to deliver cost and efficiency savings for the manufacture of its proprietary technology.
Acording to VEEM Managing Director Mark Miocevich, “There is huge potential in the use of 3D printing technology to manufacture a range of complex components used in VEEM products, medium and large format 3D printing, especially using metal alloys, is notoriously challenging,” He continued, “Reliability and endurance are critical for high- intensity applications. Aurora’s Large Format Printer, if proved, could provide real cost and productivity improvements for VEEM.”
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The term-sheet agreement between the two Australian companies is based on a 4-stage process:
Stage 1: VEEM reviewing and critically analysing Aurora Products and their potential capabilities
Stage 2: Aurora assisting VEEM to assess the potential value to VEEM of utilising Aurora Products in VEEM’s operations
Stage 3: The parties identifying and evaluating potential opportunities to secure government research and development (R&D) incentives, grants or funding for projects related to the Venture Program
Stage 4: VEEM being provided with the opportunity of making an equity investment in Aurora
Speaking on the partnership, Aurora Labs Managing Director David Budge said “VEEM is at the forefront of technology development and innovation, making them an ideal industry partner for Aurora.”
VEEM supplies products to several world leading shipbuiilders and marine suppliers like Rolls Royce, Volvo, ASC, and Austal. VEEM developed technology for propellers and fin systems are in use on recreational, commercial and defence platforms globally.
Mr Miocevich further added, “Aurora Labs has developed the most advanced process we have evaluated and represents a significant step forward in large and rapid 3D printing.” Mr Miocevich also said, “The finite nature of natural resources and the full cost of energy are precipitating a move away from traditional reductive manufacturing.”
“From being an expensive option for small components, recent technical developments in 3D printing point the way toward larger sizes and far more rapid production rates,” he added.
Finally, speaking about the partnership, Mr. Miocevich said, “VEEM is excited to be able to partner with Aurora Labs to bring the future of additive manufacturing into the present, VEEM sees itself as a role model company for the Australian Government’s drive to develop high-end manufacturing exports. This agreement with Aurora, another great Australian technology innovator, is a great step forward for both companies.”
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