Veem (ASX:VEE) secured two grants totalling AU$2 million under Australia's defense industry development grants program, according to a Monday filing with the Australian bourse.
The funds will partially finance the purchase of a 3-dimensional sand printer and a multi-axis computer numerical control machine, the filing said.
The equipment will be installed in the company's Western Australia facility, with completion expected by Dec. 31 and commissioning in the second half of fiscal 2026.
The company's shares fell 3% in recent Monday trade.
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