The European Commission granted €5 billion in state aid for Taiwan Semiconductor Manufacturing Company’s (TSMC) new chipmaking facility in Dresden, Germany, clearing the path for the company to set up its first plant in the continent.
The new facility will cost a total of €10 billion to build, and the EC’s contribution representing half the total sum will be made through the European Union (EU) Chips Act, a $43 billion pot earmarked to increase semiconductor manufacturing across the bloc.
TSMC’s award is the largest approved under the act so far while it is also the Taiwan-based company’s first project in Europe.
It first announced plans to build the chip factory in August last year under a venture which also includes Bosch, Infineon and NXP. TSMC will put up €3.5 billion out of the €5 billion invested by the companies, taking a 70 per cent stake, with the other trio taking 10 per cent each.
TSMC will join Intel in Germany, with the latter committing to build a facility worth €30 billion, due to open in 2028. TSMC has ambitions to open its site in 2027.
Speaking at a ceremony announcing the funding, EC president Ursala von der Leyen said “this is a true win-win situation for us all”.
“European workers will gain 11,000 new jobs, both here [in Germany] and across our continent. European chip companies will gain access to new technologies and production capacities. European industries will benefit from more reliable local supply chains, and new products that are tailored to their needs,” she added.
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