IQE PLC (LON:IQE) has welcomed the UK Government's approval of a major £43.74mln project with South Wales' compound semiconductor cluster.
The AIM-quoted firm is among the twelve project partners which also comprise Newport Wafer Fab, two universities, CSC and several government organisations including the e Compound Semiconductor Applications Catapult.
It is one of seven initiatives being supported in a broader £400mln investment programme announced today.
"The UK has a huge opportunity to put high-tech manufacturing at the heart of its industrial strategy and supercharge economic growth,” said Dr Drew Nelson, IQE chief executive.
“The UK leads the world in the design and manufacturing of compound semiconductor wafers.
“This funding from the UK Government is welcome and serves as recognition of the potential of the cluster which remains the world's first for compound semiconductors, and will be crucial in helping the UK to fulfil its technology potential.
“Compound semiconductors are the most advanced semiconductor materials available with a range of unique properties, and will be at the heart of almost every major industrial sector of the 21st century."
Alok Sharma, the UK’s Secretary of State for Business, meanwhile, said: "Today's announcement will ensure some of our country's most promising R&D projects get the investment they need to take off and thrive.
“Working with the private sector our world-class universities, we're backing new and innovative ideas that will create jobs and boost skills in every part of the UK for years to come."