US finalizes $1.5 billion chips award for GlobalFoundries to expand production
WASHINGTON (Reuters) – The U.S. Commerce Department said it has finalized a $1.5 billion government subsidy for GlobalFoundries to expand semiconductor production in Malta, New York and Vermont.
The binding contract for New York-based GlobalFoundries, he world’s third-largest contract chipmaker, finalizes a preliminary award announced in February after the company said it was investing $13 billion over the next 10 plus years in its U.S. manufacturing sites that serve automotive, smart mobile devices, Internet of Things, data centers, and aerospace and defense.
Commerce Secretary Gina Raimondo told Reuters last week the department is racing to complete as many final agreements with recipients under the $52.7 billion “Chips and Science” program created in 2022 as possible before the Biden administration ends on Jan. 20. “We’re working as hard as we can,” Raimondo said.
