The European Commission announced that these projects, which involve 56 companies from 19 countries, including Norway, have secured a total of €13.7 billion in private funding, resulting in a combined investment of approximately €22 billion.

The approval of 68 Important Projects of Common European Interest (IPCEI) marks a significant step towards the EU’s goal of producing 20% of the world’s semiconductors by 2030, as outlined in the proposed EU Chips Act introduced in early 2022.

The plan also enables governments to provide financial support for production facilities. Major semiconductor manufacturing companies such as Intel Corp, Infineon Technologies, STMicroelectronics, GlobalFoundries, and Wolfspeed have already announced new investments in line with the initiative. Additionally, Taiwan Semiconductor Manufacturing (TSMC) is exploring the possibility of establishing a production site in Germany.

While some businesses have criticized the time it took to approve the IPCEI projects, German Minister of Economy Robert Habeck commended the decision, emphasizing the potential to enhance resilience, value creation, and job security across Europe, particularly with Germany’s involvement in 31 projects across 11 regions.