VEEM Secures $2 Million in Defense Grants to Boost Manufacturing Capacity

Veem Ltd ( (AU:VEE) ) just unveiled an update.

VEEM Limited has been awarded $2 million in grants under the Defence Industry Development Grants Program to enhance its manufacturing capabilities for the defense sector. The funding will be used to purchase and install a 3D sand printer and a multi-axis CNC machine, which will aid in the production of critical components for naval vessels, including nuclear-powered submarines. This expansion is part of VEEM’s strategic efforts to increase its capacity and capability in the defense industry, aligning with opportunities from the AUKUS agreement and other naval shipbuilding programs.

The most recent analyst rating on (AU:VEE) stock is a Buy with a A$2.25 price target. To see the full list of analyst forecasts on Veem Ltd stock, see the AU:VEE Stock Forecast page.

More about Veem Ltd

VEEM Limited is a designer and manufacturer of disruptive, high-technology marine propulsion and stabilization systems, serving the global luxury motor yacht, fast ferry, commercial workboat, and defense industries. The company is known for its market-leading gyrostabilizers, high-performance propellers, fin systems, and specialized components for defense. Headquartered in Perth, Western Australia, VEEM operates from a large fabrication and manufacturing facility and employs approximately 195 staff, including a skilled research and development team.

Average Trading Volume: 74,884

Technical Sentiment Signal: Sell

Current Market Cap: A$125.8M

For a thorough assessment of VEE stock, go to TipRanks’ Stock Analysis page.