The U.S. Department of Congress posted: Today, the Biden-Harris Administration announced that the U.S. Department of Commerce awarded Intel Corporation up to $7.865 billion in direct funding under the CHIPS Incentives Program’s Funding Opportunity for Commercial Fabrication Facilities.
The award follows the previously signed preliminary memorandum of terms, announced on March 20, 2024, and the completion of the Department’s due diligence. The award will directly support Intel’s expected U.S. investment of nearly $90 billion by the end of the decade, which is part of the company’s overall $100+ billion expansion plan. The Department will disburse the funds based on Intel’s completion of project milestones.
“The CHIPS for America program will supercharge American innovation and technology and make our country more secure — and Intel is playing an important role in the revitalization of the U.S. semiconductor industry through its unprecedented investments across Arizona, New Mexico, Ohio and Oregon,” said U.S. Secretary of Commerce Gina Raimondo. “Thanks to the leadership of President Biden and Vice President Harris, our CHIPS award is enabling Intel to drive one of the most significant semiconductor manufacturing expansions in U.S. history.”
“Today’s award marks another key step in implementing President Biden’s CHIPS and Science Act and the Investing in America agenda to restore manufacturing, create thousands of good-paying jobs, and strengthen our economy,” said White House Deputy Chief of Staff Natalie Quillian. “Intel’s investments across the country demonstrate once again how President Biden’s investing in America agenda is delivering for the American people.”
The Hill reported Intel will receive about $7.86 billion in funding from the CHIPS and Science Act to build new semiconductor manufacturing facilities across four states under its finalized agreement with the Biden administration.
The final award is over $600 million less than the $8.5 billion initially announced in March, after the chipmaker received a separate $3 billion contract with the government in September.
The funding is meant to support the construction of four new fabrication sites in Arizona and Ohio. It will also be used to modernize existing facilities in Arizona, New Mexico, and Oregon.
The White House is pushing to allocate the remaining funds from the $52 billion semiconductor stimulus package with less than two months until President-elect Trump takes office.
TechCrunch reported The U.S. Department of Congress confirmed on Tuesday it has awarded $7.865 billion to chip giant Intel under the U.S. CHIPS and Science Act, a federal statute signed into law by President Joe Biden in 2022 to boost domestic semiconductor manufacturing.
“Strong bipartisan support for restoring American technology and manufacturing leadership is driving historic investment that are critical to the country’s long-term economic growth and national security,” Intel CEO Pat Gelsinger said in a statement. “Intel is deeply committed to advancing these shared priorities as we further expand our U.S. operations over the next several years.”
In my opinion, the Biden-Harris Administration is going to be doing great things with the CHIPS and Science Act.