The European Union (EU) has approved €8.1 billion ($8.7 billion) of state aid for microelectronics and communication technology projects.
Fourteen EU member countries namely Austria, the Czech Republic, Finland, France, Germany, Greece, Ireland, Italy, Malta, the Netherlands, Poland, Romania, Slovakia, and Spain will provide financial assistance to 68 projects involving companies like Airbus, ASML, and Ericsson. These projects are part of the Important Project of Common European Interest (IPCEI) and will focus on research and development in areas such as 5G, 6G, autonomous driving, AI, and quantum computing.
The initiatives seek to bring revolutionary items to market by 2025, with the full program scheduled to be finished by 2032. Margrethe Vestager, Vice President of the European Commission, emphasized the importance of Europe being at the forefront of innovation, while Thierry Breton, the EU industry chief, believes the projects will accelerate the development of a European supply chain for radar and space applications, promote electric vehicle adoption, and advance AI chip technology.
In addition, the Commission intends to seek €13.7 billion in private investment for these projects. GlobalFoundries, Orange, Analog Devices, Continental Automotive, Bosch, Renault, NXP, STMicroelectronics, Wacker Chemie, and Infineon are among the other significant firms collaborating.
The sources for this piece include an article in Reuters.
