ITEC-led European laboratories will get $2.7 billion in Chips Act financing

ITEC-led European laboratories will get $2.7 billion in Chips Act financing
ITEC-led European laboratories will get $2.7 billion in Chips Act financing

Top research institutions in Europe will get funding under the European Chips Act worth 2.5 billion euros ($2.72 billion) to construct a pilot line for designing and testing next-generation advanced computer chips, according to a report released by Belgium’s IMEC on Wednesday.

According to Belgium’s imec on Wednesday, top research institutes in Europe will get funds under the European Chips Act totaling 2.5 billion euros ($2.72 billion) to establish a pilot line for developing and testing next-generation advanced computer chips.

In 2023, plans to boost domestic chipmaking in Europe were announced by the European Union as part of the 43 billion euro Chips Act. This act was intended to counterbalance attempts by the U.S., China, and other governments to shore up their own sectors following shortages during the COVID pandemic.

The pilot line for the sub-2 nanometer chips will be housed at the research hub imec in Leuven, Belgium. This will enable European industry, academia, and start-ups to gain access to chip manufacturing technology that would otherwise be too costly for any one of them to test or utilize in development.

Leading semiconductor companies, including TSMC (2330.TW), Intel (INTC.O), and Samsung (005930.KS), are introducing 2 nanometer chips at commercial facilities, or fabs, this year and next year. These chips can cost up to 20 billion euros.

The European R&D line, which will be equipped with machinery from European and international equipment and materials companies, is meant to aid in the development of upcoming generations of even more sophisticated chips.

CEO of imec, Luc Van den Hove, stated in a statement, “The investment will allow us to double volumes and learning speed, accelerating our innovation pace, strengthening the European chip ecosystem, and driving economic growth in Europe.”

“The NanoIC pilot line will support a diversity of industries in Europe, including automotive, telecommunications, health, and others.”

Industry participants, including top equipment manufacturer ASML (ASML.AS), are contributing 1.1 billion euros to the 1.4 billion euros being funded by several EU initiatives and the Flanders government of Belgium, according to imec.

Participating research laboratories include the Tyndall Institute in Ireland, VTT in Finland, Fraunhofer in Germany, CEA-Leti in France, and CSSNT in Romania.

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