By Cecilia Butini

 

The European Commission said Wednesday that it has approved a tranche of Italy's post-pandemic aid which would support STMicroelectronics NV in the construction of a semiconductor plant in Italy with 292.5 million euros ($292.1 million)

The grant will support the company's EUR730 million investment for the construction of the plant, which is located in Catania, the Commission said. The establishment will focus on silicon carbide wafers, which serve as a base for microchips used in electric vehicles, fast-charging stations and the like.

Executive Vice-President Margrethe Vestager, who is in charge of competition at the Commission, said the approved Italian measure will strengthen Europe's semiconductor supply chain.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

October 05, 2022 02:14 ET (06:14 GMT)

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