Veem, a specialist in marine propulsion and stabilisation systems, recently announced that it will receive funding for two new projects. Funded by the Defence Industrial Development Grant (DIDG) program, Veem will invest in a new sand 3D printer and a multi-axis CNC machine.
The grant will provide $1 million, covering approximately half of the cost of each project. The funding comes from the Defence Industrial Development Grant (DIDG) program, which is designed to support sovereign industrial priorities. Perth-based Veem disclosed this in a statement to the Australian Securities Exchange (ASX) on Monday.
Veem is currently designing an expansion project for its facility. The company plans to complete the expansion by the end of 2025. The new equipment is expected to be operational in the second half of the 2026 financial year.
The two projects include:
- The purchase and installation of a 3D sand printer. The printer will be able to manufacture moulds for casting propellers, valves and other key components required for nuclear-powered submarines (NPS), unmanned underwater vehicles and other naval vessels.
- Purchase and install a multi-axis CNC machine. The machine will be able to machine valves, propellers and other key components for the vessels.
Veem Managing Director Mark Miocevich said the funding would help the company increase its capacity and capability to manufacture propellers and other key components for the Navy, particularly the NPS program.
“VEEM is looking forward to more local manufacturing opportunities through AUKUS and other naval shipbuilding programs,” he added.
Veem supplies products to the international yacht, fast ferry, commercial workboat and defense markets. The company is also working with Huntington Ingalls Industries (HII) on the Australian Submarine Supplier Qualification (AUSSQ) pilot program. The program is designed to integrate Veem into the U.S. submarine industrial base.
Recently, Defence Industry Minister Pat Conroy announced 58 grants totaling $16.5 million to support defence suppliers across four sectors. The grants can cover up to 50% of project costs.
Veem is one of four companies from South Australia, Queensland, Western Australia and Victoria to receive grants of up to $1 million.
