Aurora Labs is known for its lightning-fast 3D printer, the S-Titanium Pro, which has drawn interest from many high-profile organizations including NASA. The latest company to be interested in the 3D printer is VEEM, an Australian business that specializes in high-tech propellers and gyrostabilizers. The two companies have now signed a non-binding term sheet that sees them working together for the next five years, possibly more.
The terms of the agreement give VEEM early access to Aurora Labs’ 3D printers and Large Format Technology, as well as the potential for purchase of said technology and the possible opportunity for R&D in areas that are appropriate for VEEM’s business. The non-binding term sheet is based on a four-stage process, as outlined by Aurora Labs:
- Stage 1: VEEM reviewing and critically analyzing Aurora Labs’ technologies and products and their potential capabilities
- Stage 2: Aurora Labs assisting VEEM to assess the potential value to VEEM of utilizing Aurora’s technologies and products in VEEM’s opearations
- Stage 3: The two companies identifying and evaluating potential opportunities to secure government research and development incentives, grants or funding related to the venture program
- Stage 4: VEEM being provided with the opportunity of making an equity investment in Aurora Labs
“With our modern world recognising the finite nature of natural resources and the full cost of energy, the desire to move away from traditional reductive manufacturing is growing,” said Mark Miocevich, VEEM’s Managing Director. “Additive manufacturing through 3D printing is rapidly developing around the world. From being a very expensive option for small, highly sophisticated components, recent technical developments in 3D printing are showing the future path leading to larger sizes and far more rapid production rates. Aurora Labs has developed the most advanced process that we have evaluated and represents a significant step forward in large and rapid 3D printing. VEEM are excited to be able to partner with Aurora Labs to bring the future of additive manufacturing to the present.”
Currently, VEEM casts more than five tonnes a day worth of product and is looking to potentially upgrade its process with Aurora Labs’ 3D printing technology when it’s fully developed. VEEM is looking to utilize both Aurora Labs’ Medium Format and its Large Format 3D printers, making VEEM one of Aurora Labs’ first potential customers for its Large Format Technology. VEEM will also be providing feedback on the technology and, after signing a comprehensive MNDA, has received a behind-the-scenes look at Aurora Labs’ metal powder-making process.
“We’re extremely pleased to be in talks with VEEM, and their drive to be at the forefront of technology and innovation makes them an ideal industry partner for us,” said David Budge, Managing Director of Aurora Labs. “When you couple that to their ambition to dominate the global market in their chosen field then the unique fit is even more appropriate. VEEM currently create castings up to 14 tons in size on a daily basis and we are looking to help them improve their production capacity through innovative use of our Large Format Technology. It’s encouraging to be expanding on our Industry Partner Program which confirms the interest in the technology we are developing.”
There is no assurance that any legally binding agreement will be entered into, although Aurora Labs is optimistic that one will be reached. VEEM will be given the opportunity to invest, but there is no fixed agreement for the company to acquire shares in Aurora Labs at this time.
The non-binding agreement with VEEM is part of Aurora Labs’ Industry Partner Program, and Aurora is in talks with several other organizations about becoming part of the program. The program focuses on four key areas: early access to Aurora Labs’ technology; possible purchase of that technology with input into printer design; possible participation in research projects; and possibility of acquiring equity stake.
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