Chip manufacturers Infineon and AMD, along with the Fraunhofer Institute have reached an agreement to build research center for nanoelectro technology Monday in Dresden. The federal government and state of Saxony are supporting the project with €80 million ($96 million). Officials expect the institute to generate €170 million worth of research in its first five years of operation. According to preliminary plans, the center should be up and running by next summer with construction finished by the end of April. The deal's signing was attended by German Education and Research Minister Edelgard Bulmahn (SPD). Saxony's Premier Georg Milbradt (CDU) said the institute will help the state of Saxony become Europe's largest and the world fifth-largest center for micro and nano technology.