Intel, German government agree on increased scope for wafer fabrication site

Intel and the German federal government have signed a revised letter of intent for Intel’s planned leading-edge wafer fabrication site in Magdeburg, the capital of Saxony-Anhalt state in Germany. The agreement encompasses Intel’s expanded investment in the site, now expected to be more than EUR 30B for two first-of-a-kind semiconductor facilities in Europe, along with increased government support that includes incentives, reflecting the expanded scope and change in economic conditions since the site was first announced. Intel acquired the land for the project in November 2022, and the first facility is expected to enter production in four to five years following the European Commission’s approval of the incentive package. Given the current timeline and scale of the investment, Intel plans to deploy more advanced Angstrom-era technology in the facilities than originally envisioned. The Magdeburg site will serve Intel products and Intel Foundry Services customers.