EU Approves $2 Billion for IoT, Connected Car Research

The European Commission has cleared the use of €1.75 billion (about $2 billion) in public funds from France, Germany, Italy, and the U.K. to support an integrated project for joint research and innovation in microelectronics addressing the internet of things and connected or driverless cars.

The clearance was necessary to ensure that the funding would be in line with EU state aid rules and contributes to a common European interest, a key condition for public support. The integrated research and innovation project will involve 29 direct participants, headquartered both in and outside the EU, carrying out 40 closely interlinked sub-projects. These direct participants will work in collaboration with wider partners, such as other research organizations or small- and medium-sized enterprises (SMEs), also beyond the four member states.