- STMicroelectronics ( NYSE: STM ) to build €730M integrated Silicon Carbide (SiC) substrate manufacturing facility in Italy to support the increasing demand from ST’s customers for SiC devices across automotive and industrial applications.
- Production is expected to start in 2023, enabling a balanced supply of SiC substrate between internal and merchant supply.
- The investment of €730M over five years due to be completed in 2026 will be supported by €292.5M public funds by the State of Italy in the framework of the National Recovery and Resilience Plan and it will create around 700 direct additional jobs at full build-out.
- "This new facility will be key to our vertical integration in SiC ... as we further ramp up volumes to support our automotive and industrial customers in their shift to electrification and higher efficiency," ST CEO Jean-Marc Chery said.
- Rival chipmaker Intel ( INTC ) has also announced to build a multibillion-euro chip factory in Italy and is in talks with Rome to strike a final deal and identify a suitable area for the investment.
- STM shares up 2% PM.
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STMicroelectronics to build €730M chip manufacturing facility in Italy