8th Jan 2016 08:15
LONDON (Alliance News) - Semiconductor wafer products manufacturer IQE PLC on Friday welcomed the GBP50.0 million in funding announced by the UK government to build a UK national Catapult to develop and build next-generation compound semiconductors.
Chancellor George Osborne announced the funding on Thursday, saying it will help to create a new compound semiconductor hub of excellence at Cardiff University and adding it will form part of a UK network of research and development Catapults, centres designed to drive innovation in certain areas of technology development.
IQE and Cardiff University are already partnered on the Compound Semiconductor Centre, which will form a key resource for the new Catapult.
"The Compound Semiconductor Catapult will help provide the critical mass to launch the first Compound Semiconductor hub of its kind in the world, taking great academic research and seamlessly turning it into high-volume manufacturing, securing a global industrial and manufacturing platform for Wales and the UK," said Drew Nelson, IQE's chief executive and president.
IQE shares were down 0.9% to 19.82 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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