--News Direct--
Applied Science & Technology Research Organization (ASTRO) of America executives will join senior officials from the U.S. Department of Defense (DOD) and Small Business Administration (SBA) at the Pentagon today to mark a major milestone in its “AM Forward” initiative. This effort, launched by ASTRO President Neal Orringer and U.S. President Joseph R. Biden in May 2022, accelerates small businesses’ adoption of additive manufacturing (“AM”, or 3D printing) technology to advance key aerospace and defense supply chains across the country.
Today’s announcement of final federal approval for the Fund (formally known as the ‘Stifel North Atlantic AM-Forward Fund’) marks a historic moment in the nation’s effort to build, scale and accelerate public-private investments in critical technologies, a key component of AM Forward. This Fund, earning a Small Business Investment Company (SBIC) license in partnership with the DOD under the SBIC Critical Technology (SBICCT) initiative, aims to use a range of financing structures targeted to the specific needs of small businesses, with a focus on increasing additive and advanced manufacturing capabilities in the domestic supply chain. The initial investors of the Fund include significant capital commitments from industry-leading companies Lockheed Martin, GE Aerospace, and ASTM International, among others.
“Two years ago, we launched AM Forward to build up resilience in America’s key supply chains,” said Neal Orringer, President of ASTRO America. “Our partners– most notably, Lockheed Martin and GE Aerospace– have demonstrated what it means to be strong stewards of America’s Defense Industrial Base. Today, we are grateful to have them and two other critical organizations, Stifel North Atlantic and ASTM International, contributing important resources, expertise, and mentorship to support the backbone of America’s economy– small and medium sized manufacturers.”
ASTRO leads AM Forward’s implementation– a compact of seven leading companies as well as key federal agencies– focused on helping small businesses expand their adoption of metal 3D printing technology through: access to capital, machine validation processes called “qualification,” and workforce development. ASTRO selected Stifel North Atlantic (NYSE: SF) as the financial partner to support AM Forward’s access-to-capital efforts by managing the Fund, based on its rich history of support for small and middle market companies and extensive experience managing SBIC Funds. ASTRO leadership will remain involved with the Fund as advisors to the Fund’s Technical Advisory Board.
“We are pleased to receive this license from the SBA,” said Victor Nesi, Stifel Co-President. “In collaboration with our strategic partners, we are proud to give America’s emerging small businesses the capital and strategic support they need to advance innovation that supports our supply chain, creates domestic jobs, amplifies manufacturing capacity and importantly, increases national security.”
Earlier this year, ASTRO America and Stifel North America announced the Fund became the first recipient to receive an initial ‘green light’ to raise private capital under the SBIC Critical Technologies (“SBICCT”) program.
The Applied Science and Technology Research Organization of America (ASTRO America) is a 501(c)(3) not-for-profit, non-partisan Research Institute and Think Tank. It was established in 2018 to advance the public interest through manufacturing technology and policy. Led by manufacturing professionals with broad public and private sector experience, ASTRO America supports collaborations by government agencies and companies to address supply chain challenges in highly regulated industries, including aerospace and defense.
Established in 1890, with headquarters in St. Louis, Missouri, Stifel is a full-service financial services firm with a distinguished history of providing securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, institutions, corporations, and municipalities.
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