Tags: polar | chips | act | funding

Polar Semiconductor to Get $123M in Latest CHIPS Act Funding

Polar Semiconductor to Get $123M in Latest CHIPS Act Funding
A logo sign outside of a facility occupied by Polar Semiconductor, Inc., in Bloomington, Minnesota (Kristoffer Tripplaar/AP)

Tuesday, 24 September 2024 11:12 AM EDT

Polar Semiconductor became the latest semiconductor maker to obtain grants and loans from the U.S. government under President Joe Biden's efforts to bolster domestic chip production.

The Creating Helpful Incentives to Produce Semiconductors has made large awards made so far to many companies:

POLAR SEMICONDUCTOR

Polar Semiconductor, owned by Sanken Electric and Allegro MicroSystems, said on Tuesday that it would receive as much as $123 million in direct funding. It plans to invest about $525 million over the next two years to double the production capacity of its Bloomingdale, Minnesota facility.

TEXAS INSTRUMENTS

Texas Instruments will receive as much as $1.6 billion in direct funding to support the construction of three new domestic facilities.

MICRON

The memory chip maker is set to get $6.1 billion in grants to help pay for domestic chip factory projects, Democratic U.S. Senate Majority Leader Chuck Schumer has said.

SAMSUNG

The South Korean electronics giant will be provided up to $6.4 billion to expand its facilities in Texas under a preliminary memorandum of terms signed in April.

TSMC

The Taiwanese contract chip manufacturer's Arizona unit has signed a preliminary memorandum of terms for up to $6.6 billion in direct funding.

INTEL

The Biden administration said it has inked a preliminary agreement with the U.S. chipmaker for $8.5 billion in grants and up to $11 billion in loans for plants and upgrades to manufacturing sites in Arizona, Ohio, Oregon and New Mexico.

GLOBALFOUNDRIES

In February, the Biden administration awarded $1.5 billion to the world's third-largest contract chipmaker to build a semiconductor production facility in Malta, New York, and expand existing operations there and in Burlington, Vermont.

MICROCHIP TECHNOLOGY

The company will get $162 million in government grants, it was announced in January, allowing the company to triple production of mature-node semiconductor chips and microcontroller units at two U.S. factories.

BAE

The U.S. Commerce Department in December said it planned to award $35 million to BAE Systems to quadruple production in New Hampshire for key semiconductor chips used in F-35 fighter jets and commercial satellites.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
Polar Semiconductor became the latest semiconductor maker to obtain grants and loans from the U.S. government under President Joe Biden's efforts to bolster domestic chip production.
polar, chips, act, funding
338
2024-12-24
Tuesday, 24 September 2024 11:12 AM
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