EU Allocates €1.2 Billion for Cloud Computing Project

EU Allocates €1.2 Billion for Cloud Computing Project

TECH DIGEST- The European Union (EU) has approved up to €1.2 billion ($1.30 billion) in state aid for a groundbreaking European cloud computing initiative. The European Commission, responsible for this decision, gave the green light to a state-aid partnership known as the Important Project of Common European Interest (IPCEI) for cloud computing among EU member countries.

The IPCEI project, titled “Next Generation Cloud Computing Infrastructure and Services,” is designed to encourage collaboration and investment in cloud computing technologies across Europe. The initiative seeks to challenge the dominance of US players in the cloud computing market and propel EU enterprises into the forefront of innovation.

This substantial funding, co-sponsored by seven EU nations—France, Germany, Hungary, Italy, the Netherlands, Poland, and Spain—is anticipated to drive public funds of up to 1.2 billion euros, matched by 1.4 billion euros in private investment. The IPCEI involves 19 projects from 19 prominent brands, fostering cooperation to develop Europe’s first EU-wide interoperable multi-provider cloud edge continuum.

The European Commission emphasizes that this strategic investment aligns with the EU’s objectives for economic growth, competitiveness, and green and digital transformation. The IPCEI model aims to bring together research, financial, and corporate resources, showcasing the EU’s commitment to advancing its technological capabilities.

Notably, this initiative marks a significant step in the EU’s broader strategy to challenge global technological monopolies, fostering a more competitive landscape while promoting European innovation in key sectors. The IPCEI for cloud computing underscores the EU’s determination to play a leading role in shaping the digital future and ensuring a robust, innovative, and interconnected European cloud infrastructure.