The European Union (EU) has approved an €81 million ($85 million) grant to Diamond Foundry, a leading lab-grown diamond producer, to support the completion of its new factory in Extremadura, Spain. This grant, which does not require repayment, is aimed at facilitating the development of the factory, expected to create 300 jobs in the region.
According to an EU statement, the grant was essential for the project’s viability, as Diamond Foundry would not have proceeded without public assistance. The company, which broke ground on the facility last year, highlighted the significant role the grant has played in advancing the project.
“This grant was always a key component and condition for the project,” said Martin Roscheisen, CEO of Diamond Foundry, in an interview. “This is not a new announcement, but rather the completion of a long-standing process.”
While the EU’s official statement estimated the factory’s production capacity at 4 to 5 million carats annually, Roscheisen anticipates the output will reach 20 million carats. “The plan is to produce 20 million carats, but our EU commitment is set at 5 million carats,” Roscheisen clarified. “With advances in technology, we have significantly increased productivity since our initial application for the grant.”
In the EU’s official statement, Teresa Ribera, Executive Vice President for a Clean, Fair, and Competitive Transition, emphasized the importance of the factory for Spain’s economic and technological landscape. “Today’s decision enables Spain to support Diamond Foundry Europe in establishing its first factory on the continent, which will produce semiconductor-grade synthetic diamonds,” Ribera stated.
Diamond Foundry has raised $515 million in funding to date, further solidifying its position in the growing lab-grown diamond market.
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