The Applied Science & Technology Research Organization (ASTRO) of America has achieved a major milestone in its AM Forward initiative with the final federal approval of a private equity fund designed to boost small businesses' adoption of additive manufacturing (AM) technology. This development marks a crucial step in advancing key aerospace and defense supply chains across the United States.
The Stifel North Atlantic AM-Forward Fund, now licensed as a Small Business Investment Company (SBIC) under the Department of Defense's SBIC Critical Technology initiative, aims to provide targeted financing to small businesses. The fund's primary focus is on enhancing additive and advanced manufacturing capabilities within the domestic supply chain. Initial investors include industry leaders such as Lockheed Martin, GE Aerospace, and ASTM International.
Neal Orringer, President of ASTRO America, emphasized the importance of this achievement, stating that AM Forward was launched two years ago to build resilience in America's key supply chains. The initiative brings together seven leading companies and key federal agencies to support small businesses in expanding their use of metal 3D printing technology through improved access to capital, machine validation processes, and workforce development.
The approval of this fund represents a significant advancement in public-private partnerships aimed at strengthening critical technologies and manufacturing capabilities in the United States. By focusing on small and medium-sized manufacturers, the initiative addresses a crucial segment of the economy that plays a vital role in the defense industrial base and overall national security.
Victor Nesi, Stifel Co-President, highlighted the fund's potential impact, noting that it will provide emerging small businesses with the necessary capital and strategic support to drive innovation, create domestic jobs, increase manufacturing capacity, and enhance national security.
This development is particularly significant in the context of ongoing efforts to shore up domestic supply chains and reduce dependence on foreign manufacturers for critical components. The AM Forward initiative's focus on additive manufacturing technology could lead to more agile, efficient, and resilient supply chains in the aerospace and defense sectors.
The approval of this fund under the SBIC Critical Technologies program also signals a broader government strategy to leverage private sector expertise and capital in addressing national security and economic competitiveness challenges. As the first recipient to receive approval under this program, the AM Forward fund could serve as a model for future public-private partnerships in critical technology sectors.
As the initiative moves forward, its success could have far-reaching implications for the U.S. manufacturing sector, potentially spurring innovation, creating high-skilled jobs, and strengthening America's position in advanced manufacturing technologies. The focus on small businesses also aligns with broader economic goals of fostering a diverse and resilient industrial base.
