GlobalFoundries Receives up to $1.5 Billion Direct Funding Award Under CHIPS and Science Act

MT Newswires Live11-21 00:34

GlobalFoundries (GFS) and the US Department of Commerce on Wednesday announced a direct funding award of up to $1.5 billion to the company under the CHIPS and Science Act.

The award is expected to support the expansion of the company's Malta, New York, fabrication facility with advanced technologies; upgrading its facility in Essex Junction, Vermont, for next-generation gallium nitride, or GaN semiconductor production; and building a new fabrication facility in Malta, New York, to meet growing demand for US-made chips in key industries, the company said.

In total, these projects represent more than $13 billion in investment over the next 10 plus years across the company's two US sites.

The investment includes the $1.5 billion CHIPS and Science Act award, $550 million from New York's Green CHIPS Program, and additional funding from Vermont, among others.

Shares of GlobalFoundries were down more than 2% in recent Wednesday trading.

Price: 41.17, Change: -1.21, Percent Change: -2.86

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