Openchip Receives Additional €15 Million from Generalitat Following Round Delay

✦ Meridian Analysis

The Catalan government has signed an additional €15 million participative loan for Openchip & Software Technologies, bringing its total contribution to €50 million. The loan, approved by the Departament d’Economia i Finances, is intended to keep the pre‑commercial microprocessor designer operating while it seeks to close a €250 million private‑equity round that has stalled. The Generalitat acts as a lender with the option to convert up to 5 % of the debt into equity, while Openchip remains the borrower and issuer of the financing. Earlier in the year the region provided a €25 million credit and a €10 million bridge loan, and the public‑private vehicle SETT, which had pledged €116 million, has stepped back; a planned 51 % acquisition by construction group ACS has likewise not materialised. The mechanics are those of a bridge‑style participative loan that can be turned into minority equity, a structure commonly used to preserve cash‑flow and protect strategic projects when market funding dries up. Openchip’s work on high‑performance chips for AI and data‑centre workloads relies on €122 million of NextGeneration EU grants. Meridian reported earlier this month that the European Investment Bank and Cellnex secured a €375 million loan to accelerate 5G deployment. Deal professionals will be watching for the undisclosed terms of the participative loan – interest rate, maturity and conversion trigger – as well as any subsequent equity raise, the re‑engagement of SETT or ACS, and the timeline for the BER10 prototype’s commercial rollout. Approval from the European Commission for the additional state aid, if required, has not been mentioned.

The Meridian Weekly