Taipei, June 4 (CNA) The Cabinet-level National Science Council has approved the establishment of a company to produce carbon nanotubes in Hsinchu Science Park in northern Taiwan.
The council on May 31 approved the NT$200 million (US$6.6 million) investment proposal to set up the company, which will be a joint venture between local investors and Japanese technology groups.
The investment was made in light of the expanding market for carbon nanotubes, which are tiny hollow cylinders of carbon that are ultra thin and more than 100 times stronger than steel.
According to studies by nanotechnology researchers, global carbon nanotube output could reach US$1 billion in 2014 and US$4 billion in 2017.
The company will specialize in the manufacture of single- and multi-walled carbon nanotubes, which can be used in touch panels or in the manufacture of batteries, for example, to greatly improve the functions and quality of a product, according to a statement by the council.
The investment was one of five ventures approved by the council last week, including one by Hiwin Mikrosystem Corp. to set up a branch in the Central Taiwan Science Park in Taichung that specializes in producing key components for sophisticated machinery.
Hiwin's investment proposal, worth NT$3 billion, aims to reduce local companies' production costs and their dependence on imported components to ultimately sharpen the competitive edge of high-end machinery makers, the council said.
(By Lin Meng-ju and Scully Hsiao)