EU to spend 900M euros on expanding critical technologies

The European Union has set aside hundreds of millions of euros to grow companies working on critical technologies, such as microchips and quantum technology, Report informs via POLITICO.

A new scale-up scheme is set to get the green light early this week, with a budget of 300 million euros for next year, according to a draft plan seen by POLITICO.

The total budget for the next three years — until the end of the EU's current budget — amounts to 900 million euros.

With the fund, the European Commission aims to dissuade the bloc's tech companies from tapping non-EU funds when they want to expand their operations significantly after their initial build-out. The United States, for example, is known to have far larger scale-up funds than Europe.