GlobalFoundries and Biden-Harris Administration Announce CHIPS and Science Act Funding for Essential Chip Manufacturing
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Monday, February 19, 2024
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MALTA, N.Y. and ESSEX JUNCTION, Vt., Feb. 19, 2024 (GLOBE NEWSWIRE) -- The U.S. Department of Commerce today announced $1.5 billion in planned direct funding for GlobalFoundries (Nasdaq: GFS) (GF) as part of the U.S. CHIPS and Science Act. This investment will enable GF to expand and create new manufacturing capacity and capabilities to securely produce more essential chips for automotive, IoT, aerospace, defense, and other vital markets.
Key Points:
- This investment will enable GF to expand and create new manufacturing capacity and capabilities to securely produce more essential chips for automotive, IoT, aerospace, defense, and other vital markets.
- GF is the first semiconductor pure play foundry to receive a major award (over $1.5 billion) from the CHIPS and Science Act, designed to strengthen American semiconductor manufacturing, supply chains and national security.
- “When I wrote the CHIPS & Science Law, I made sure there was funding especially for the feature-rich, legacy chips that GlobalFoundries produces in Malta and that are essential for America’s auto industry and national defense.
- “The CHIPS Act funding will help encourage innovation and expansion of this vital sector in our state and across the country.