EU Puts Its Money Where the Chips Are, Approves €8B in Semiconductor Research Projects

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

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