Silicon Box in Novel €3.2 Billion Strategic Investment in Italy

Cleary Gottlieb is assisting Silicon Box, a Singapore-based advanced semiconductor integration leader, in its €3.2 billion strategic investment project aimed at establishing an advanced panel-level packaging foundry in Novara, a first-of-a-kind program bringing to Italy novel, cutting-edge technology.

On November 9, 2026, a groundbreaking ceremony was held to celebrate an important milestone of the program, which features the support of the Italian government with a grant of approximately €1.3 billion under the EU Chips Act via the related dedicated investment platform for semiconductors (Sportello semiconduttori) managed by Invitalia. The Silicon Box program is also the very first to have been recognized of national strategic interest by the Italian government pursuant to Article 13 of Law Decree no. 104/2023, hence eligible to access a fast-track permitting procedure under the supervision of a Prime Minister appointed special commissioner.

Cleary has been assisting Silicon Box from the inception of the project on all strategic legal aspects, such as the European Commission’s State aid and the Italian government’s golden power clearance, dealings with the Ministry of Enterprises and Made in Italy (MIMIT) and Invitalia in connection with development program and related development agreement, and the fast-track Art. 13 permitting proceedings leading to the issuance of a single authorization.

The Cleary team included partner Vania Petrella, counsel Francesco Iodice, and associate Sara Maria Crupi on the contractual, financial, and FDI aspects of the project and dealings with MIMIT and Invitalia. Counsel Cesare Rizza advised on EU matters. Associate Mauro Beraldi advised on administrative law matters. Counsel Gianluca Russo and avvocato Flavia Fusco advised on tax matters.