Mentioned:
Velo3D has landed a new partner: the United States Department of War.
What’s happening:
- Velo3D (NASDAQ: VELO) has won a $32.6M USD contract from the United States Department of War to use advanced additive manufacturing to accelerate a large scale munitions weapon system program
Why it matters:
- This is the first time ever that Velo3D has won a contract from the Department of War
Going deeper:
- Velo3D will closely collaborate with the Department of War’s Innovation Unit and the United States Navy to determine which parts and materials could be meaningfully scaled up through 3D printing and advanced additive manufacturing
- Velo3D has publicly stated they plan to use their 3D printing technology to remove lengthy manufacturing processes for complex metal components that are traditionally produced through casting, forging or machining
Market reaction:
- Shares of Velo3D surged more than +35% following the new deal
