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Intel Corporation is poised to construct a $33 billion semiconductor plant in Germany, marking its largest overseas investment, following a generous funding agreement with German authorities.
As per Associated Press News, German officials agreed to cover a third of the cost for the building of Intel’s semiconductor production plant in the country. The project is estimated to cost a massive €30 billion or $33 billion.
The contract between the American chipmaker and the German government was signed on Monday, June 19. Intel picked Madeburg, the city in the country’s eastern side, to be the location for its chip facility.
The deal was first revealed after Germany’s Chancellor Olaf Scholz and Intel’s chief executive officer, Pat Gelsinger, held a meeting in Berlin. Moreover, the chip manufacturer bought a massive amount of land in the country in November of last year.
With the agreement and pledge for partial coverage of the costs from Germany, Intel expects to start its chip production within four or five years. In any case, before the revised letter of intent was signed this week, the German government confirmed it would give €9.9 billion for the project.
Then again, Los Angeles Times reported that this plan will still have to be approved by the European Union’s executive branch. This is to make sure that the deal will not give Intel an unfair advantage over its rivals in the chip and tech industry.
“The investment in Germany means a significant expansion of Intel’s production capacity in Europe and is the biggest investment ever made by a foreign company in Germany,” Robert Habeck, the country’s minister of economy and vice-chancellor, said in a statement.
Meanwhile, Intel is also investing $25 billion to set up another chip plant in Israel. Based on the reports, it is also set to get subsidies from the Israeli government.
Photo by: Brecht Corbee/Unsplash
