{"id":37572,"date":"2023-09-22T10:20:26","date_gmt":"2023-09-22T09:20:26","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=37572"},"modified":"2023-09-22T10:20:26","modified_gmt":"2023-09-22T09:20:26","slug":"the-european-chips-act-everything-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/the-european-chips-act-everything-you-need-to-know\/37572\/","title":{"rendered":"The European Chips Act: Everything you need to know"},"content":{"rendered":"

The eagerly anticipated European Chips Act<\/a> is now in effect, transforming the EU\u2019s semiconductor landscape.<\/h2>\n

The European Chips Act implements a comprehensive set of measures to create robust supply chains<\/a> and technological leadership in semiconductor technologies and applications.<\/p>\n

Semiconductors are the quintessential component of a range of technologies, such as smartphones and cars, with vital applications in healthcare, energy, defence, communications, and industrial automation.<\/p>\n

Increasingly essential in the digital economy, the European Chips Act will reinforce semiconductor manufacturing across the EU to help achieve the goal of doubling its current market share to 20% in 2030.<\/p>\n

Speaking on the European Chips Act, V\u011bra Jourov\u00e1, Vice-President for Values and Transparency, commented: \u201cThe global race for leadership in chips is a fact, and Europe must secure her active part in it.<\/p>\n

\u201cIn the EU, we have great talent and research, but we are missing out on linking those advantages with production and roll-out of the technology.<\/p>\n

\u201cThe Chips Act will support investment and research facilities so Europe can become an innovation powerhouse with a strong stake in the global market.\u201d<\/p>\n

What will the European Chips Act do?<\/h3>\n

The European Chips Act comprises three main pillars that will revolutionise the EU\u2019s semiconductor landscape.<\/p>\n

The first pillar is the Chips for Europe Initiative<\/a>, which will expedite the transfer of knowledge from laboratories to production, with the aim of \u2018bridging the gap\u2019 between research and industrial activities.<\/p>\n

The initiative is supported by \u20ac3.3bn funding from the EU, which is believed to be matched by funds from Member States.<\/p>\n

The Chips Joint Undertaking<\/a> will implement the initiative, which will aim to:<\/p>\n