Commerce Department Awards $1.5 Billion to Semiconductor Producer GlobalFoundries
The Department of Commerce announced it is awarding a $1.5 billion grant under the SWACCA-supported CHIPS and Science Act to GlobalFoundries to subsidize production of semiconductors. GlobalFoundries, the world’s third-largest contract chipmaker, will build a new semiconductor production facility in Malta, New York, and expand existing operations there and in Burlington, Vermont, according to a preliminary agreement with the Commerce Department. The Malta facility expansion will secure a stable supply of chips for auto suppliers and manufacturers, including General Motors.
The $1.5 billion GlobalFoundries grant will be accompanied by $1.6 billion in available loans, with the funding expected to generate $12.5 billion in overall potential investment across the two states. The projects are expected to create about 1,500 manufacturing and 9,000 construction jobs over the next decade.
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