Just weeks after European Union (EU) Commissioner Thierry Breton put emphasis on Europe making its own chips, the EU has announced up to €8.1 billion in public funding for building microelectronics and communication technologies.
The funding, which was planned by 14 member nations under the Union, is dubbed Important Project of Common European Interest (IPCEI) under the EU State aid rules, allowing member states to pool resources and cooperate across borders.
“These member states will provide up to €8.1 billion in public funding. This is expected to unlock another €13.7 billion of private investments. This will bring the total investments in the project to over €21 billion,” EU Executive Vice President Margrethe Vestager said in a statement.