A coalition of councils have bought a semiconductor facility from the Welsh Government for £38 million.

The ten councils making up the Cardiff Capital Region City Deal now own Newport’s Imperial Park, which they hope will become the world’s first compound semiconductor research and development hub.

The site, which is being leased by tech firm IQE,  manufactures semiconductors for use in helping deliver 5G smart phones, the Internet of Things and autonomous vehicles.

It’s expected to leverage £375 million of private sector investment and create up to 2,000 skilled jobs.