Intel (INTC) has almost doubled its inve💟stment in its planned “leading-edge” wafer fabrication plants in Magdeburg, Germany.

The chipmaker signed a revised letter of intent with the German government to spend 30 billion euros ($33 billion) on the site it calls “Silicon Junction.” It originally planned to invest 17 billion euros ($18.6 billion). Germany reportedly agreed to increase its incentive package to the company from 6.8 billion euros ($7.4 billion) to 10 billion euros ($10.9 billion).

Intel said Silicon Junction, which 🍷will encompass two semiconductor fabrication facilities, is expected to enter production “at a more advanced technology” than f🌳irst thought, and be the first of its kind in Europe.

Intel purchased the Magdeburg site in November, an𒀰d is looking to begin operations in 2027. The move is part of the firm’s European ex﷽pansion efforts, which include factory investments in France, Ireland, Italy, Poland, and Spain.

CEO Pat Gelsinger said that building Silicon Junction was “a critical part of our strategy for Intel’s growth.” German Chancellor Olaf Scholz called the agreement an “important step” for Germany as a high-tech production location, and the biggest single 澳洲幸运5官方开奖结果体彩网:direct foreign investment in the country’s history. 

Intel shares were down 3.7% in early trading on Tuesday after hitting a 2023 high on Friday.