German firms to receive 4 billion euros through EU microelectronics push

BERLIN: Over 30 microelectronics projects in Germany will receive about 4 billion euros ($4.29 billion) in funding after the European Commission approved a support scheme for such technologies, the German Economy Ministry said on Thursday.

“The 31 microelectronics projects from 11 federal states strengthen Germany as a microelectronics location across the board and are an important industrial policy milestone,” said Economy Minister Robert Habeck.

The money comes from a total of 8.1 billion euros ($8.7 billion) in state aid approved by the European Union’s executive, part of the bloc’s drive to be at the cutting edge of technological innovation.