Broadcom president of semiconductor solutions Charlie Kawwas revealed intentions to invest in a European Union (EU) funded chip programme in Spain, a project which could be worth around €1 billion.

The move means Broadcom is the latest US-based technology player to confirm intentions to invest in Spain’s chip industry, after Cisco announced in November 2022 it was planning to open a new chip design centre in Barcelona.

Kawwas announced the investment plans on Twitter, stating it will be made under the European Chips Act, an EU initiative which includes a €43 billion pot to increase the bloc’s share of the global semiconductor market to 20 per cent by 2030.

Spain has also said it will allocate as much as €12 billion from the EU’s pandemic relief fund to subsidise the development of the country’s semiconductor industry.

The nation’s economy ministry told Reuters the programme Broadcom will be involved with could be worth €1 billion, although it was not revealed how much the company itself will invest. The project will include the construction of large-scale back end semiconductor facilities “unique in Europe”.

Intel recently agreed to invest €20 billion to construct a chip manufacturing facility in Germany, in addition to a €10 billion investment from the government.