The European Commission today approved €5bn in German state aid to support TSMC’s chip plant in Dresden — its first in Europe. Dubbed European Semiconductor Manufacturing Company (ESMC), the fab is a joint venture between the Taiwanese chip giant, the Netherlands’ NXP, and Germany’s Bosch and Infineon. TSMC will own 70% of the factory, while the European chipmakers will each have a 10% equity stake. The €5bn state aid is part of the EU’s Chips Act, which aims to increase the bloc’s share of global chip production to 20% by 2030. It’s also the biggest grant to date under the…

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