NXP secures €1 billion mega loan from European Investment Bank

NXP secures mega deal

Eindhoven-based chipmaker NXP has successfully secured a €1 billion loan from the European Investment Bank (EIB). The company plans to use the funds to accelerate its research and development efforts.

Headquartered at the High Tech Campus in Eindhoven, NXP is the leading chip manufacturer in the EU and a key supplier for the automotive industry. In addition to its automotive focus, the company is also working on developing chips for emerging technologies, including artificial intelligence and wearable devices like smartphones and smartwatches. NXP is further expanding its footprint with the construction of a new chip factory in Germany.

The loan, therefore, cannot be separated from the EU’s efforts to gain technological independence from the United States and China. Those two countries control most of the chip market. Due to rising international tensions, the EU wants to become more independent in terms of chip production. In addition to the Netherlands, the money will also go to NXP sites in Germany, France, Austria and Romania.

Fundamental

“It is fundamental for Europe to remain an indispensable player in the value chain of critical technologies and to develop research, development and production capacity within these supply chains,” said EIB Vice President Robert de Groot.

“Fortunately, the EU has some of the most advanced chip manufacturers. Semiconductors are essential for the digital and green transitions, so their importance will only increase. The EIB is proud to support this strategic technology.”

Source: Studio04

For Eindhoven news: Chaitali Sengupta

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