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 INTC, Infineon Technologies AG IFNNY IFNNF, STMicroelectronics N.V.  STM, GlobalFoundries Inc GFS, and Wolfspeed, Inc WOLF.

Taiwan Semiconductor Manufacturing Company Ltd 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.

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