PiBond and the EIC Accelerator: EU Chip Materials and a Plant in China

PiBond, based in Espoo, Finland, makes ultra-pure siloxane and metal-organic materials used to pattern and insulate the finest features on computer chips. It was selected in the EIC Accelerator's January 2023 cut-off and received an EU grant of €2.49 million for IO-PR, "Silicon-Rich Materials for Advanced Semiconductor Fabrication", a €3.55 million project that ran from August 2023 to December 2025, according to CORDIS. The project developed photoresists for extreme ultraviolet (EUV) lithography, the process used for the most advanced chips, and the company told the EU that "our project is critical for the EU goals in semiconductor manufacturing (Chips Act)".

In the same period PiBond built a photoresist plant in Haining, Zhejiang province. It announced in June 2025 that production had started at "the most advanced semiconductor lithographic materials manufacturing site in China, built to serve the needs of local chipmakers", and that it had passed a customer audit "enabling us to begin supplying advanced materials to China's leading semiconductor manufacturers", according to its news page. The Haining project represents a total investment of CNY 831 million, according to Sina Finance.

Where PiBond Stands Now

PiBond Oy's revenue rose 48% to €7.66 million in 2025 and it made an operating profit of €3.63 million, after years of losses, with 61 employees, according to Asiakastieto. The Haining company, PiBond (Zhejiang) New Materials, was founded in October 2022. Sina Finance reported that it is owned 51% by Shanghai Paihui Business Consulting and 49% by PiBond (Zhejiang) Technology Development, itself wholly owned by PiBond's international arm. The trade site CASMITA instead described the Haining company as wholly owned by PiBond Finland. PiBond has not published the ownership.

The Technology: Inorganic Resists for EUV

Conventional chemically amplified photoresists are reaching their limits in resolution and etch resistance as chip features shrink. PiBond describes itself as one of only two companies globally with inorganic EUV materials; Chinese press name the other as Inpria of the United States. During the project PiBond finalised a silicon-based photoresist with stability of at least three months, began a new metal-containing resist that patterned down to a 24 nm pitch, and filed five patents, the final report states.

What the EIC Award Promised, and What the Record Shows

The project advanced both materials and produced a scaled-up batch, and customers requested underlayer samples. But the final report states that future work "will focus on exploring potential markets" for the silicon resist and on improving sensitivity for the metal resist. Neither EUV product has been announced as commercially launched.

1. Silicon EUV resistDeliveredFormulation finalised.
2. Metal-containing resistPartialP24 nm; sensitivity work ongoing.
3. Market launchNot yetMarkets still being explored.
4. Benefit to EU chipmakingUnverifiedHaining plant supplies Chinese chipmakers.

The Money

PiBond Oy lost a combined €14.6 million at operating level in 2021 to 2024, then earned €3.6 million in 2025. Its net result for 2025 was a profit of €1.33 million, according to Finder. How the CNY 831 million Haining project was financed, and whether EU-funded know-how is used there, is not disclosed.

What Cannot Be Checked

Why Europe Should Care

PiBond itself tied its EIC project to the EU's Chips Act goals for semiconductor manufacturing. The EU grant funded EUV materials work. In the same years PiBond built a photoresist plant in Haining to supply Chinese chipmakers. The public record does not show which technologies go to Haining, and we found nothing in it showing that the EIC asked.

The Verdict

PiBond and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.