Today, the Italian Ministry of Enterprise and Investment and the Singaporean chip manufacturer Silicon Box signed an agreement under which the Asian company will invest €3.2 billion ($3.5 billion) in building a plant in northern Italy.
It is expected that the project will create around 1,600 new jobs, with the plant’s operational turnover amounting to approximately €4 billion. The exact location for construction has not been determined yet – negotiations are currently ongoing between Silicon Box and the Italian government.
The Singaporean company was founded just about three years ago, but following the latest financing round in January, investors valued it at $1 billion. It is reported that the Italian facility of Silicon Box will focus on producing chiplets – integrated microchips with a specific set of tasks and capabilities, designed to be combined with other chiplets for more complex tasks. According to the Massachusetts Institute of Technology, chiplets are one of the most advanced technologies of our time.