To achieve the stated objectives, the UK government will allocate £35 million or $44 million to participate in the EU consortium “Chip Joint Venture”. The money is intended to “fund the UK’s efforts over the next few years” and will be used to develop a relevant programme.
This would make the UK a “participating state”, allowing it to cooperate with the EU and participate in a joint semiconductor research and development programme. Thus, businesses operating in the UK semiconductor sector will be able to benefit from a special pool of $ 1.3 billion.
The first £5 million of the £35 million will go to local chip research in the UK. Participation in the cooperation program and consortium means receiving more grants for development and savings in the sector.
Source: Ferra
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