VEEM signs a non-binding term sheet with AURORA

VEEM Ltd and Aurora Labs Limited have signed a non-binding term sheet to investigate the potential of Aurora’s 3D printing and large format technology to deliver cost and efficiency savings for the manufacture of VEEM’s specialist technology, including its propellers, fin systems and world-leading gyrostabilisers.

Aurora Labs is an Australian technology and innovation company specialising in the development of 3D metal printers, powders and digital parts.

VEEM Ltd is a manufacturer of high technology Marine Propulsion & Stabilization Systems.

The agreement between VEEM and Aurora Labs is based on a 4-stage process: VEEM reviewing and critically analysing Aurora Products and their potential capabilities (Stage 1); Aurora assisting VEEM to assess the potential value to VEEM of utilising Aurora Products in VEEM’s operations (Stage 2); The parties identifying and evaluating potential opportunities to secure government R&D incentives, grants or funding for projects related to the Venture Program (Stage 3); VEEM being provided with the opportunity of making an equity investment in Aurora (Stage 4).