GlobalFoundries Secures Up to $1.5 Billion Chips Act Funding

Dow Jones11-20

By Colin Kellaher

GlobalFoundries and the Commerce Department have finalized an award of up to $1.5 billion in direct funding to help expand the chipmaker's manufacturing operations.

GlobalFoundries on Wednesday said the award will support the Malta, N.Y., company's planned investment of around $13 billion over the next decade in its manufacturing sites in New York and Vermont.

GlobalFoundries and the Commerce Department in February announced a preliminary memorandum of terms for the funding under the Chips Act, a nearly $53 billion government effort passed in 2022 to jump-start domestic semiconductor production.

GlobalFoundries said the funding will support the expansion of its existing Malta fab and the construction of a new state-of-art fab on its Malta campus, with the projects expected to triple the campus's capacity.

The company said it also plans to modernize and upgrade its Essex Junction, Vt., fab, adding that it expects the these investments to create nearly 1,000 manufacturing jobs and more than 9,000 construction jobs over the life of the projects.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 20, 2024 10:11 ET (15:11 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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