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By Adria Calatayud
STMicroelectronics and Sanan Optoelectronics said Wednesday that they are forming a semiconductor-manufacturing joint venture in China, with $3.2 billion in total build-out funding.
The European and Chinese semiconductor companies said they have signed an agreement to create a silicon-carbide-device manufacturing project in Chongqing, China, to tap into rising demand for semiconductors for car electrification as well as for industrial power and energy applications in the country. Production is expected to start in the fourth quarter of 2025, with full build-out anticipated in 2028, the companies said.
The expected $3.2 billion for the full build-out of the joint venture includes capital expenditures of about $2.4 billion over the next five years, which will be funded by contributions from STMicroelectronics and Sanan Optoelectronics, support from the local government and loans, the companies said.
Sanan will separately build a silicon-carbide-substrate manufacturing plant to fulfill the needs of the joint project, the companies said.
Completion of the project remains subject to regulatory approvals, STMicroelectronics and Sanan said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
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Heading into this past week, uranium miner
Cameco
was that rare stock in the market: It had posted a double-digit gain in 2022. One deal made those gains disappear—and created a buying opportunity.
At first glance, there didn’t seem to be all that much that was controversial about the joint venture Cameco (ticker: CCJ) announced this past Tuesday. Along with
Brookfield Renewable Partners
(BEP), Cameco agreed to buy Westinghouse Electric, a servicer to nuclear power plants, for $7.88 billion, including debt. Cameco will own 49% of the joint venture once the deal is completed.
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