11:04 AM EDT, 08/20/2024 (MT Newswires) -- Taiwan Semiconductor Manufacturing ( TSM ) said Tuesday that European Semiconductor Manufacturing Company, or ESMC, has launched the initial land preparation phase for its first semiconductor plant in Dresden, Germany.

The plant is backed by a 5 billion euro ($5.55 billion) German measure approved by the European Commission, the company and the regulator said.

ESMC is a joint venture between Taiwan Semiconductor Manufacturing ( TSM ), Bosch, Infineon Technologies, and NXP Semiconductors ( NXPI ) , they added.

The total investment for this project is set to be over 10 billion euros, funded through a mix of equity, loans, and support from the European Union and the German government, the company said.

The plant is set to be fully operational by 2029 and is expected to produce 480,000 silicon wafers per year. The project's goal is to meet the demand for automotive and industrial applications, the EC said.

Price: 170.36, Change: -5.10, Percent Change: -2.90