A trio of major Japanese banks are reportedly discussing providing $12.8 billion in loans for chip company Rapidus, which is looking to raise $834 million in new investment from additional companies including Canon and Kyocera.

MUFG Bank, Sumitomo Mitsui Banking and Mizuho Bank are working out details on providing loans, The Japan Times reported.

In a previous move, MUFG Bank invested JPY300 million ($1.9 million) in the chipmaker, which is backed by JPY1.7 trillion in funding from the Japanese government.

Rapidus aims to revive domestic production of advanced chips, and compete with Taiwan Semiconductor Manufacturing Company and Samsung.

Nikkei Asia wrote existing investors Sony, Toyota and Honda are also among 20 companies making new investments in Rapidus. The news outlet added the company submitted a plan to Japan’s Ministry of Economy, Trade and Industry detailing its goal of reaching operating profitability around fiscal 2030.

The chipmaker plans to begin mass-production of advanced 2nm chips in fiscal 2027.

It began prototyping a 2nm gate-all-around transistor at a new fabrication facility in July.