IQE forms JV with Cardiff University

9th Jul 2015 10:32

Shares in semiconductor supplier IQE were up following news the company would form a joint venture with Cardiff University.At 1011 BST on Thursday shares in IQE had lifted by 2.33% to 22p.Under the arrangement, IQE would contribute equipment with a market value of £12m, to be matched by a £12m cash contribution from Cardiff University.IQE would also licence certain intellectual property to the joint venture, which was to be effective from 1 August. The venture would work closely with Cardiff University's Institute of Compound Semiconductors which has more than £29m of funding from the Welsh and UK governmentsIQE said the JV, to lead the development and commercialisation of Compound Semiconductor ,was a key milestone towards the creation of a European CS cluster centered in Wales, which is increasingly seen as a strategic enabler for the UK and European electronics industries.IQE chief executive Drew Nelson said the goal was to build the cluster into one of Global significance and scale, leading to widespread economic benefits for the region.