SkyWater Tech to Get Chips Act Funding to Boost Production

Dow Jones12-06

By Colin Kellaher

SkyWater Technology has secured up to $35 million in proposed government support to help boost production at the chip maker's Bloomington, Minn., plant.

SkyWater on Friday said it signed a preliminary memorandum of terms with the U.S. Commerce Department for up to $16 million in direct funding under the Chips Act, a nearly $53 billion government effort passed in 2022 to jump-start domestic semiconductor production.

Skywater said it will use the funding, coupled with $19 million in incentives from the state of Minnesota, to accelerate modernization and equipment upgrades to enhance production for customers in the aerospace and defense arena, as well as the biomedical, industrial, thermal-imaging and quantum-computing markets.

The company said it expects to increase its U.S.-based 200-millimeter semiconductor technology development and production capacity by 30%, creating about 70 new jobs.

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

(END) Dow Jones Newswires

December 06, 2024 07:48 ET (12:48 GMT)

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

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