The Applied Science & Technology Research Organization (ASTRO) of America has achieved a significant milestone with the federal approval of the 'Stifel North Atlantic AM-Forward Fund,' a private equity fund under its AM Forward initiative. This initiative, a collaborative effort between ASTRO President Neal Orringer and U.S. President Joseph R. Biden, is designed to accelerate the adoption of additive manufacturing (AM) technology among small businesses within critical aerospace and defense supply chains. The fund's approval under the Small Business Investment Company (SBIC) Critical Technology initiative by the U.S. Department of Defense (DOD) marks a historic step in bolstering public-private investments in essential technologies.
With initial backing from industry giants such as Lockheed Martin, GE Aerospace, and ASTM International, the fund aims to provide specialized financing to small businesses, focusing on advancing additive and advanced manufacturing capabilities. Neal Orringer highlighted the initiative's role in strengthening America's Defense Industrial Base, acknowledging the invaluable support from partner organizations in terms of resources, expertise, and mentorship for small and medium-sized manufacturers.
The AM Forward initiative, spearheaded by ASTRO, unites seven leading companies and federal agencies to assist small businesses in adopting metal 3D printing technology. It concentrates on three critical areas: facilitating access to capital, streamlining machine validation processes, and fostering workforce development. Stifel North Atlantic, chosen as the financial partner for the fund, brings its vast experience in supporting small and middle-market companies and managing SBIC Funds to the table. Victor Nesi of Stifel expressed enthusiasm for the opportunity to empower emerging small businesses with the necessary capital and strategic support to drive innovation, enhance manufacturing capacity, and bolster national security.
This initiative is a testament to the strategic importance of advanced manufacturing technologies in ensuring national security and economic competitiveness. By enabling small businesses to invest in cutting-edge AM technologies, the fund is poised to significantly impact the U.S. manufacturing landscape, promoting productivity, innovation, and competitiveness in the aerospace and defense sectors. The SBICCT program's approval of this fund introduces a novel approach to fostering critical technologies through public-private partnerships, showcasing the government's dedication to leveraging private sector resources for strategic national priorities.
The implications of this development extend beyond immediate technological advancements, offering a blueprint for future collaborations in other critical technology sectors. As the initiative progresses, it is expected to catalyze a transformation in the U.S. manufacturing sector, reinforcing the country's position as a global leader in innovation and industrial capability. For more information on the AM Forward initiative, visit https://www.astroa.org.
