TSLA - European Commission Backs Italian State Aid To STMicroelectronics' Chip Plant: Details | Benzinga
The European Commission has given the green light to a €2 billion Italian initiative aimed at supporting STMicroelectronics N.V. (NYSE:STM) in establishing and running an integrated chip manufacturing facility in Catania, Sicily.
The facility will produce Silicon Carbide (SiC) power devices, contributing to Europe’s technological self-sufficiency and digital sovereignty as outlined in the European Chips Act.
STMicroelectronics’ project, which is backed by the Italian government, aims to enhance the supply and resilience of semiconductor technologies, which are crucial for the digital and green transitions.
The new plant will manufacture high-performance SiC chips used in various applications, including electric vehicles, fast-charging stations, and renewable energy systems.
Italy has notified the Commission of its intent to support the development of ST’s Catania Campus with a direct ...