A PYMNTS Company

EU Commission OKS $8.7B Of State Aid For New Tech

 |  June 8, 2023

The European Commission has granted 8.1 billion euros ($8.7 billion) of state aid to support microelectronics and communication technology projects, in line with the European Union’s goal to advance technological innovation.

On Thursday, the EU executive announced that 14 member countries have the capability to offer aid for 68 projects involving companies like Airbus, ASML, and Ericsson.

Read more: EU Commission OKs Telecoms’ Advertising Venture To Compete Against Big Tech

According to Reuters, the projects have been classified as an Important Project of Common European Interest (IPCEI), which means they are eligible for relaxed EU state aid regulations. This is the second set of IPCEI projects in the same sector to be approved, following a previous batch in 2018.

56 companies are involved in various projects focused on researching and developing materials, tools, chip design, and manufacturing processes. These projects aim to advance 5G and 6G telecoms technology, as well as autonomous driving, artificial intelligence (AI), and quantum computing.

The initial novel products may be available for sale by 2025, with the entire project projected to be finished by 2032.