According to Infineon’s press release, the European Commission has approved funding for Infineon’s Smart Power Fab in Dresden under the European Chips Act, with expected approval from Germany’s Federal Ministry for Economic Affairs and Climate Action in the coming months. The fab also benefits from the European Commission’s IPCEI ME/CT program, totaling about EUR1 billion (approx. US$1.05 billion) in funding. Construction began in March 2023, and the facility is set to open in 2026.