By Dominic Chopping

Nokia plans to invest 360 million euros ($391.6 million) in software, hardware and chip design at its Ulm and Nuremberg sites in Germany, it said Wednesday.

The company is conducting a four-year Important Projects of Common European Interest project, which is being funded by Nokia, the German Federal Ministry of Economics and Climate Protection and the German states of Baden-Wurttemberg and Bavaria.

Funding will see development of new energy-efficient software, hardware and microelectronics for future communications technologies, it added.

"This important funding will support our efforts to advance the telecommunications industry in Germany and in Europe, helping to drive innovation and strengthen competitiveness," said Tommi Uitto, Nokia's president of mobile networks.

"In particular, it will help our research into microelectronics that will power future technologies such as 6G, artificial intelligence and the metaverse as well as develop networks that are more energy-efficient and powerful."

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

January 17, 2024 02:49 ET (07:49 GMT)

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