AIM quoted semiconductor firm IQE (LON:IQE) is to benefit from a new £50mln government backed scheme.
Cardiff based IQE, alongside Cardiff University, will help spearhead a UK ‘National Catapult’ centre where work will focus on developing the next generation Compound Semiconductors (CS).
The scheme was unveiled following a meeting with George Osborne, Chancellor of Exchequer, who in a statement said: “The UK national centre in South Wales will develop compound semiconductors that are at the heart of modern technology.
“It will bring together scientists and businesses with expertise. It will create jobs and bring investment."
Dr Drew Nelson, IQE chief executive, added: "The launch of the £50m catapult is fantastic news for high-level manufacturing in Wales and for the Welsh economy.
“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."