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GlobalFoundries To Receive $1.5B From The US For Chip Manufacturing

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GlobalFoundries To Receive $1.5B From The US For Chip Manufacturing

(CTN News) – It has been announced that GlobalFoundries (NASDAQ:GFS) will receive a grant of $1.5B from the U.S. government to boost domestic semiconductor manufacturing. This is part of the Congressional Higher Education, Research and Development Act of 2005.

A key part of the funding will be used to expand GlobalFoundries‘ existing manufacturing facility in Malta, New York by adding technologies already in production at the company’s Singapore and Germany facilities for use in the U.S. auto industry.

On the Malta campus, the company will also construct a state-of-the-art manufacturing facility to meet the demands of customers in the automotive, aerospace, defense, and artificial intelligence industries for its U.S.-made chips.

GlobalFoundries will also invest in modernizing its facility in Essex Junction, Vermont as part of the project.

The company plans to invest over $12B over the next 10 plus years across its two U.S. sites, which will be obtained through public-private partnerships and funding from the government as a result of demand.

Governor Hochul has announced that $575M worth of direct funding will be directed to New York State Green CHIPS and $15M will be directed to NYS Workforce Development activities for GlobalFoundries in support of the two Malta, New York projects.

Further, the New York Power Authority has provided $30 million for the upgrade of NYS’ infrastructure as well as for energy incentives.

Over the course of the projects, the company expects that the investment will generate over 1,500 manufacturing jobs and about 9,000 construction jobs as a result of these investments.

In his words, Senator Chuck Schumer said that this will triple the production capacity of GlobalFoundries’ already massive campus in Saratoga County, spur billions of dollars in public-private investment, and create thousands of new, high-paying manufacturing and union construction jobs in the Capital Region.

Last week, reports in the media indicated that Intel (INTC) was in discussions with the Biden administration in order to receive subsidies totaling over $10 billion for the manufacture of semiconductors.

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