Velo3D (NASDAQ:VELO) has secured an Other Transaction Agreement worth $32.6 million with the U.S. Department of War's Defense Innovation Unit to support Project FORGE, aimed at eliminating production bottlenecks for a major weapon system program.
The agreement funds the prototyping and qualification of additively manufactured components using Velo3D's Rapid Production Solution.
It also includes an option to explore the largest-format Laser Powder Bed Fusion (LPBF) capability in the U.S. Velo3D’s Sapphire printers, which are assembled domestically, can print parts with dimensions of up to 600mm in diameter and 1 meter in height.
This contract underscores Velo3D’s growing involvement in advanced manufacturing for defense applications, with the company’s additive manufacturing technology being pivotal in enhancing the production capabilities for complex and critical weapon systems.