BRUSSELS, Dec. 5 (Xinhua) — The European Commission on Tuesday disclosed its endorsement of up to 1.2 billion euros (1.3 billion U.S. dollars) in state aid for a groundbreaking venture in cloud and edge computing.
The initiative, designated the Important Project of Common European Interest (IPCEI) Next Generation Cloud Infrastructure and Services, was collaboratively submitted by seven European Union (EU) member states: France, Germany, Hungary, Italy, the Netherlands, Poland, and Spain.
This collective effort is set to contribute a combined 1.2 billion euros in public funding, with an expected additional 1.4 billion euros from private investments, as outlined by the Commission.
Under the umbrella of the IPCEI, 19 companies are slated to embark on 19 highly innovative projects, as highlighted by the Commission.
The inaugural outcome of the IPCEI, an open-source reference infrastructure, is projected to materialize around the conclusion of 2027.
