NXP Semiconductors secured a €1 billion loan from the European Investment Bank (EIB) to help fund the company’s research, development and innovation efforts across its home market of the Netherlands and four other European countries.
The Dutch chip company stated it would use the loan to accelerate efforts around providing services in various sectors including automotive, industrial and IoT.
It will pay an interest rate of 4.75 per cent on the loan, which has a duration of six years.
The cash will go into its existing facilities in the Netherlands, as well as in Austria, France, Germany and Romania.
Financing through EIB supports the bank’s Strategic Tech-EU investment programme, which is designed to accelerate digitalisation and innovation in technologies including AI, microchips, life sciences and quantum computing.
Maarten Dirkzwager, EVP and CSO at NXP Semiconductors, said it is committed to strengthening Europe’s semiconductor ecosystem and the loan would go far in bolstering its work across many of its sites in the region.
He added the loan complements various existing work to support the industry, pointing to initiatives established by the European Commission and Member states.
Dirkzwager also said its plans to expand in Germany are consistent with a joint venture it is part of to build a new fabrication plant in Germany, led by Taiwan Semiconductor Manufacturing Company (TSMC).
EIB VP Robert de Groot stated it is fundamental for Europe to “remain an indispensable player in the value chain of critical technologies”.
The post NXP bags €1B loan to boost EU R&D appeared first on Mobile World Live.
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