European Commission Backs Italian State Aid To STMicroelectronics' Chip Plant: Details
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The European Commission has approved a €2 billion Italian state aid to support STMicroelectronics (NYSE:STM) in establishing a chip manufacturing facility in Catania, Sicily. The plant will produce Silicon Carbide (SiC) power devices, contributing to Europe's technological self-sufficiency and digital sovereignty. The project aims to enhance the supply and resilience of semiconductor technologies crucial for digital and green transitions.
May 31, 2024 | 1:09 pm
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The European Commission has approved a €2 billion Italian state aid to support STMicroelectronics in establishing a chip manufacturing facility in Sicily. This will enhance the supply and resilience of semiconductor technologies crucial for digital and green transitions.
The approval of the €2 billion state aid will significantly benefit STMicroelectronics by supporting the establishment of a new chip manufacturing facility. This will likely enhance the company's production capabilities and market position in the semiconductor industry, particularly in the growing sectors of electric vehicles and renewable energy systems.
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