920 million euros for chip factory in Germany - European Commission approves the fund. Plant, ready in 2031
The European Commission has approved state aid of 920 million euros for the construction of a new semiconductor manufacturing plant in Germany.
The move will allow Infineon to complete the new project in Dresden, which will be able to produce a wide range of different types of chips.
Chipmakers across the globe are pouring billions of dollars into new factories, as they benefit from generous subsidies from the United States and the EU to keep the West ahead of China in developing the latest semiconductor technology.
The European Commission has allocated 15 billion euros for public and private semiconductor projects until 2030.
"This new manufacturing plant will bring flexible production capacities to the EU and thus strengthen Europe's security of supply, resilience and technological autonomy in semiconductor technologies, in line with the objectives set out in the European Chip Act," the Commission said in a statement.
The plant, which will reach full capacity in 2031, will cover the processing, testing and separation of semiconductors, to be used in industrial, automotive and consumer applications.
The aid will take the form of a direct grant of up to 920 million euros to Infineon, supporting an investment of 3.5 billion euros. Infineon has said the plant will be the largest investment in the company's history.
The project will bring positive effects to the EU semiconductor value chain and invest in the research and development of the next generation of chips in Europe.
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