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The project will receive $ 2 billion in state aid, and 29 companies and research organizations will participate in it, including Robert Bosch, Infineon, STMicroelectronics, Osram, Carl Zeiss, Global Foundries and Murata.
The European Commission also hopes that government support for the project will help attract an additional $ 6 billion from private investors.
The microelectronics project is expected to be completed by 2024.
Innovations in Microelectronics
Microelectronics are small electronic components, often called chips and sensors, that can be found on smartphones, computers, cars, and other electronic devices.
Competition European Commissioner Margret Westagher praised the EU’s approval of the project and explained how this would help the region to innovate in the future, saying:
“Innovation in microelectronics can help all of Europe get ahead of innovation. That's why it makes sense for European governments to come together to support such important projects of common European interest, unless the market takes risks. ”
The project will focus on the supply of energy-efficient microcircuits, power semiconductors, smart sensors, modern optical equipment and composite materials.
