US-based technology giant Intel is looking to raise at least $2bn in equity for a new semiconductor plant in Ireland, according to sources cited by Bloomberg.

Intel is in talks with an adviser to seek out potential investors for its plant in Ireland. The government in Dublin is set on attracting more chip manufacturers to the country in a move predominantly bolstered by the European Chips Act adopted by the EU in February 2022.

The Act, aimed at strengthening the semiconductor ecosystem in the EU through incentives and funding offered to businesses, comes with €11.15bn ($11.97bn) in public investment. The total set of measures, worth €43bn, are aimed at safeguarding Europe’s position as a chip manufacturing hotspot, with tensions between the West and China at an all-time high over critical resources in the tech and energy sectors.

The budget will help finance research and development (R&D) and innovation in the field by 2030.

In March 2022, Intel announced plans to invest more than €33bn in manufacturing and R&D across France, Germany, Ireland, Italy, Poland and Spain. Back then, the US giant also promised another €12bn in investment to expand its company operations in Kildare, a town 60km south of Ireland’s capital, Dublin.

An Intel representative declined to comment on the company’s expansion plans in Ireland. The company provided no further details on the plant’s location.

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