The European Union approved semiconductor research projects with €8 billion ($8.6 billion) in public funds.
The projects are backed by €13.7 billion in private funding, amounting to €22 billion, Bloomberg cites the European Commission.
The EU approved 68 Important Projects of Common European Interest — or IPCEI from 56 companies in 19 countries, including Norway.
The commission proposed the EU’s Chips Act in early 2021, aiming to produce 20% of the world’s semiconductors by 2030.
So far, the EU bagged investments from companies like Intel Corp (NASDAQ:INTC), Infineon Technologies AG (OTC:IFNNY) (OTC:IFNNF), STMicroelectronics N.V. (NYSE:STM), GlobalFoundries Inc (NASDAQ:GFS), and Wolfspeed, Inc (NYSE:WOLF).
Taiwan Semiconductor Manufacturing Company Ltd (NYSE:TSM) is also considering building a production site in Germany.
This week, the Japanese government revamped its chip strategy to triple sales of domestically produced semiconductors to over 15 trillion yen ($108 billion) by 2030.
Photo via Wikimedia Commons
