GlobalFoundries said this week that it has applied for funding from the US CHIPS and Science Act to expand its manufacturing base in the United States. The company intends to obtain federal grants and investment tax credits to upgrade facilities used to make chips for a variety of applications, including automotive, aerospace, defense and many other industries.
GlobalFoundries' move is consistent with the provisions of the US CHIPS and Science Act, which aims to strengthen US semiconductor production capabilities. The bill sets aside a massive $52.7 billion to support semiconductor research, production and workforce development. In addition, the bill also provides a 25% investment tax incentive for the construction of chip factories, estimated to be worth about $24 billion, Reuters reminded.
The company said this expansion is good for the company and is critical to strengthening the economic stability, supply chain robustness and defense machinery of the United States.
Steven Grasso, senior director of global government affairs at GF, said: "As a leading manufacturer of critical semiconductors for the U.S. government and an important supplier to the automotive, aerospace and defense, Internet of Things and other markets, GF has submitted an application to the CHIPS Program Office to participate in federal grants and investment tax credits under the U.S. CHIPS and Science Act. This federal support is critical for GF to continue to expand its manufacturing footprint in the United States and strengthen U.S. economic security, supply chain resiliency and national defense."
GlobalFoundries is not alone in receiving funds from the CHIPS fund. The U.S. Department of Commerce said more than 460 companies will receive these semiconductor subsidies in August. These subsidies are designed to promote innovation and ensure that the United States remains a leader in semiconductor technology.
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