According to a press release published Wednesday, Luxembourg’s economy and finance ministries signed a memorandum of understanding to collaborate with OCSiAI, a hi-tech company producing TUBALL™ single wall carbon nanotubes.

The firm, whose corporate headquarters is already based in Luxembourg, will invest €80 to €100 million in the complex which will have an annual capacity of 250 tonnes. Under curent plans, the new facility should open in 2020 and reach full capacity by 2022.

It is expected to generate 200 jobs, of which up to 50 will be in R&D, and the remainder in manufacturing, sales and marketing,maintenance and support services.

The public-private collaboration grants OCSiAl a surface right to build the synthesis facility and R&D centre on a plot of industrial land in Differdange, which was proposed by the economy ministry. It did not indicate exactly where the site was.

“This project is in line with our economic diversification policy, which focuses on the sector of innovative materials and on research-intensive activities and I am confident that the new OCSiAl operations in Luxembourg will be a great opportunity to further enhance the recognition of our composite materials competence centre,” deputy prime minister Etienne Schneider said in a statement.