Jun 6, 2023 /SemiMedia/ -- According to Reuters, France will provide 2.9 billion euros in financial support to support STMicroelectronics and GlobalFoundries' semiconductor fab with a total investment of 7.5 billion euros in Crolles, southeastern France.

French Finance Minister Bruno Le Maire said it was a sizeable investment. The 2.9 billion euros are part of a 5.5 billion-euro plan set aside by France to invest in the chip industry by 2030.

In April 2023, STMicroelectronics and GF were approved by the European Union to build a Crolles semiconductor manufacturing plant with the support of the French government. The two companies announced in July 2022 that the new factory is located next to STMicroelectronics' existing factory in Crolles, and aims to reach full capacity by 2028, producing 620,000 18nm wafers per year.