European Commission approves €2bn Italian aid for STMicroelectronics' €5bn SiC chip plant in Catania, Sicily.
The European Commission has approved a €2bn ($2.2bn) Italian aid package for chip manufacturer STMicroelectronics to build a €5bn ($5.4bn) silicon carbide (SiC) chip plant in Catania, Sicily. The plant, which will be the world's first fully integrated SiC facility, will produce specialist microchips that boost energy efficiency in electric vehicles. The European Commission's approval comes as part of its Chips Act, aiming to reduce Europe's reliance on Asian imports for vital manufacturing components.
May 31, 2024
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