BERLIN — The European Commission announced Tuesday that it has authorized €659 million — roughly $751 million — in state funding from Germany to back four first-of-a-kind semiconductor manufacturing facilities located in the country.
European officials said the move is designed to bolster the EU’s standing and independence in the global semiconductor industry.
Executive Vice-President Teresa Ribera highlighted the significance of the decision, stating: “Today’s approval of Germany’s support for four new projects in the semiconductor value chain shows Europe is turning the ambitions of the EU Chips Act into action.”
The exchange rate at the time of the announcement placed one U.S. dollar at approximately 0.8770 euros.
