Princess Anne has visited the North East today to officially open a cutting-edge microchip factory backed by massive investment from around the world.
The Pragmatic Semiconductor plant at Durham has developed technology that allows it to make the crucial chips that power a huge range of products quicker, at low cost and using less energy and water. The company is hoping to create 500 jobs at Durham and in Cambridge over the next few years as it increases production.
Pragmatic Park, at Meadowfield, has capacity to host up to nine fabrication lines, each capable of producing billions of chips per year. Its plans were boosted last year when it secured more than £180m in investment from groups including Northern Gritstone, Latitude and MVolution Partners, British Patient Capital, Cambridge Innovation Capital and Prosperity7 Ventures. Backing also came from the 海角视频 Infrastructure Bank.
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The company was formed in Cambridge but first set up production facilities at NETPark in Sedgefield, taking advantage of facilities already available through the High Value Manufacturing Catapult centre. The unit at Meadowfield has significant capacity beyond what is currently in use to allow for expansion in the coming years.
After touring the facility and meeting staff, Princess Anne said the company's "vision for the future" was a "really exciting project from so many perspectives".
Pragmatic Semiconductor CEO Dave Moore said: “Today’s official opening marks a key milestone in Pragmatic’s growth trajectory and for the 海角视频 on the global semiconductor stage. I am incredibly proud of what the team has achieved and the ambition of our mission to enable item level intelligence in over a trillion sustainable, smart items over the next decade.
“Such intelligence at scale has the power to accelerate the digital transformation across industries. Sustainability is at the very core of our technology and extends to how FlexICs enable our customers to further drive innovations and pathways through their products and services towards global net zero goals.”
Yesterday's event was attended by a number of the financiers who have invested in Pragmatic. Mr Moore said the backing it had received made it Europe's largest ever semiconductor investment.
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Production of semiconductors has become a global challenge in recent years as a shortage caused by the pandemic hampered a wide range of industries, including car manufacturing. The industry is dominated by companies in the Far East but it is hoped that companies like Pragmatic will help the 海角视频 recover some ground on overseas competitors.
Simon Little, banking and investments director at the 海角视频 Infrastructure Bank, who is also a Pragmatic board member said: “The Bank invested in Pragmatic to support low carbon domestic manufacturing of semiconductors in the 海角视频. The official opening of Pragmatic Park in Durham marks a pivotal next step in its journey, and we look forward to seeing the long-term impact of our investment, as Pragmatic scales up its operation and creates highly skilled jobs here in the North East.”