EU approves billions for microelectronics under Chips Act

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EU approves billions for microelectronics under Chips Act
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EU greenlights billions for microelectronics under Chips Act

The European Commission has approved a project that aims to deliver nearly €22 billion in funding to support microelectronics and communication technologies across the European semiconductor supply chain as part of the EU Chips Act.

Around 8,700 direct jobs are expected to be created by this scheme, and"many more indirect ones," according to the EC. According to the EC, the projects will aim to make advances in multiple sectors, including communications , autonomous driving, artificial intelligence and quantum computing. They will also support companies active in the energy generation and distribution sectors in becoming greener.

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