19/7/18 Global Shipbuilder Damen Confirms Successful Gyro Sea Trials

VEE announced that after a successful trial with Damen Shipyards in Europe they have entered negotiations for purchase and delivery of VEE's newest and largest gyroscope, the VG1000SD. This is an important milestone because the VG1000SD is by far the largest gyroscope in the market (for both VEE and main competitor Seakeeper) and opens up the much larger commercial and defence market which generally use bigger ships than the recreational superyacht market which smaller gyroscopes target.

The list price for a VG1000SD is $1.7m so any sales will be material for VEE moving forward. It is unclear how many VG1000SD's may be ordered, but from this announcement it appears a VG1000SD would be standard in Damen's Fast Crew Supplier 7011.

30/7/18 VEEM Gyros Selected by World's Leading Super Yacht Builders

VEE announced that they have sold gyroscopes to five European yacht builders, four of which are purchasing their first order.

In total the revenue for these orders come to $2.4m, and represent a big step forward for VEE's belief that over the next decade gyroscopes will come standard in most new vessels.

Management also confirmed they expect to receive Damen's order for the new VG1000SD in coming weeks.

Family run high-tech manufacturing business. Management have created state of the art robotic manufacturing that can be used for a range of sectors but since listing have used their IPO funds to focus specifically on marine gyroscopes and propellors.

Gyroscopes in particular could be a highly lucrative field as Veem's gyroscopes are smaller and lighter without compromising performance. Given the size and cost of gyroscopes, these advancements should help Veem capture market share from existing competitors.

Veem have already announced trials and sales with established shipyards and Government bodies, and despite being a new product for the company the future looks bright.