Intel Set to Receive Huge CHIPS Manufacturing Subsidy
From left: Commerce Secretary Gina Raimondo, Intel CEO Pat Gelsinger, and President Joe Biden on a tour of Intel’s Ocotillo campus in Chandler, Arizona, on March 20.
(Intel Corporation)
The White House announced last week that the Commerce Department plans to provide up to $8.5 billion to Intel to support the company’s planned projects to expand domestic semiconductor manufacturing.
The funds will be split among factory construction and modernization projects in Chandler, Arizona; Rio Rancho, New Mexico; New Albany, Ohio; and Hillsboro, Oregon.
The deal also gives Intel access to $11 billion in loans. Speaking at Intel’s Ocotillo Campus in Arizona last week, President Joe Biden emphasized the workforce education components of the funding award and tied it to his administration’s broader push to “on-shore” semiconductor manufacturing.
The award is the latest in a series of semiconductor manufacturing awards issued in recent months by the Commerce Department and will be the largest grant provided by the CHIPS for America program.
Other recent awards include $1.5 billion to GlobalFoundries in February and $162 million to Microchip Technology in January.
This news brief originally appeared in FYI’s newsletter for the week of March 25.
