United Microelectronics Corp (UMC, 聯電), the world’s second-biggest contract chipmaker, said yesterday the board had approved a plan to form a new business development center and a venture capital fund called UMC New Business Investment Corp (聯電新投資事業公司), which would invest in high-growth green energy businesses in the solar and LED sectors.
The move came after bigger rival Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said on Aug. 11 that it had budgeted US$50 million for possible investment in solar energy in its quest for a new growth engine.
UMC intends to inject NT$1.5 billion (US$45.7 million) initially in setting up the UMC New Business Investment Corp, which will invest in or acquire green energy companies, the company said in a press statement.
UMC said it would capitalize on industries with the potential for high growth and high profits through the “timely” strategic investment.
The new business plan would bring new momentum to UMC for further growth and would enhance its future asset turnover and profitability, the company said in the statement.
UMC senior vice president Chen Wen-yang (陳文洋) will be in charge of the new business center and the venture capital fund.
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