The company had estimated a cost of $14 billion for the pilot line and another $7 billion for the volume production line. However it is reported that the company is now forecasting it will need another $7 billion to get the pilot line established.
The company has entered into talks with MUFG Bank, Sumitomo Mitsui Bank, Mizuho Bank and the Development Bank of Japan (DBJ) for a loan of around $690 million.
It is also asking for new investment from its corporate backers Toyota, Sony, NTT, NEC, SoftBank, Denso and Kioxia who initially backed Rapidus with $50 million.
The Japanese government has agreed to put up $6.3 billion.
