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EU gives the go ahead to huge $2 billion microelectronics project

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  • Economy
  • 3 months ago
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The E.U. has given the green light to France, Germany, Italy and Britain to allocate $2 billion to aid a collective microelectronics project with the intention to spur investments in internet-connected devices.

The European Commission has stated the project, which should be completed by 2024, is forecasted to attract and additional six billion euros from private investors.

European Competition Commissioner, Margrethe Vestager stated, “Innovation in microelectronics can help the whole of Europe leap ahead in innovation,” adding “That’s why it makes sense for European governments to come together to support such important projects of common European interest, if the market alone would not take the risk.”

The project involves companies such as Robert Bosch, Infineon, STMicroelectronics, Osram, Carl Zeiss, GlobalFoundries and Murata, all of whom will focus on energy efficient chips, power semiconductors, smart sensors, advanced optical equipment and compound materials.

 

 

Source: Smart Trend Team