Silicon wafer manufacturer Okmetic announced recently that it will invest 388 million euros (about 400 million US dollars) to build a silicon wafer fab in Finland to double its production capacity.

The new facility will be located near the current silicon wafer fab in Vantaa, Finland, and will create more than 500 jobs. The project will start construction in early 2023 and start production in 2025.

The new fab will have a total area of 40,000 square meters, equipped with a clean room of 6,000 square meters, and will focus on the production of SOI wafers, mainly producing single-sided and double-sided 8-inch polished wafers and epitaxy.

Over the past five years, the company has spent more than 100 million euros increasing capacity at its Vantaa silicon fab. The new investment will be the largest in Okmetic's history.

"We have experienced several years of strong growth and market forecasts show that positive developments in the semiconductor industry will continue," Kai Seikku, chief executive of Okmetic, said in a statement.