The CCR regional cabinet previously agreed to contribute £37.9m from the CCR City Deal’s Wider Investment Fund towards the establishment of a facility to anchor in the region for the production of compound semiconductors.
The Newport facility will be owned by the ten councils in the regional cabinet through special purpose vehicle CSC Foundry Ltd, or ‘LDC Ffowndri Cyn’, and the space leased to IQE for compound semiconductor manufacturing and applications development.
The project has the potential to leverage £375m of private sector investment and create up to 2,000 high skilled jobs.
It was confirmed in a signing ceremony at IQE’s headquarters in Cardiff by secretary of state for Wales Alun Cairns MP, Welsh Government economy and infrastructure secretary Ken Skates, CSC Foundry directors councillors Bob Greenland (Monmouthshire) and Andrew Barry (Merthyr), and IQE chief executive Drew Nelson.
“It has the potential to place our region at the heart of this cutting edge sector and will require the development and integration of a compound semiconductor supply chain in South Wales, with the economic and social benefits that will bring,” says Peter Fox of Monmouthshire County Council.