The Catalan Government has given the green light to a loan of 10 million euros to Openchip in order to boost the development of its advanced microprocessor technology, as detailed in a statement released after the Executive Council meeting this Tuesday.
The purpose of the operation is to "ensure the progress" of Openchip's R&D programs while a funding round involving private and institutional investors is finalized.
"Given the strategic nature of its activity for the Catalan economy, the Executive wants to ensure that the company's technological project is maintained while new investments are being finalized," the Government explained.
The agreement also provides for the Department of Economy and Finance of the Generalitat, together with Avançsa, to supervise the company's economic and financial evolution while the loan is in effect, "with the aim of highlighting the strategic and unique nature of the project and ensuring the administration of public funding."
This new financial support is in addition to an initial credit of 25 million that the Generalitat already granted to the firm last March with the same purpose, and which contemplates the possibility of converting into company shares due to its potential convertible nature.