AI gigafactory in Sines estimates €1.6Bn turnover in 2030

 In AI, Development banks, News, Sines

A proposed artificial intelligence (AI) gigafactory in Sines, whose operations application has been submitted to Brussels, should make around €1.6Bn over five years if it gets the green light.

The project is one of the largest single investments from Portugal’s development bank, Banco de Fomento (BPF), said Diário de Notícias on Monday.

The news was given by the CEO of BPF, Gonçalo Relegado during the Economic Outlook conference organised by PSO.

The expected investment stands at around €4Bn with construction set to begin next year if the project gets the all clear.

The net profits are foreseen to rise to €210 million by 2030.

The Portuguese application has been prepared by a consortium in which BPF acts as the coordinating entity with support from the Portuguese government and the involvement of companies such as Altice Portugal, Bial, Sonae, Nos, Nokia, Siemens, Defined AI, Hovione, IMGA, Beyond Vision, Visabeira and Fugro.

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