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GlobalFoundries Seeks U.S. CHIPS Act Funds To Modernise Local Manufacturing Facilities

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  • Over 460 companies had expressed interest in vying for government semiconductor subsidy funding
  • U.S. Department of Defense (DoD) has given a new 10-year contract worth $3.1 billion for aerospace and defence applications

GlobalFoundries has submitted formal funding applications within the U.S. CHIPS (Creating Helpful Incentives to Produce Semiconductors for America) Act. The move aims to expand capacity and modernise its local manufacturing facilities.

The CHIPS and Science Act has allocated $52.7 billion in subsidies for U.S. semiconductor production, research, and workforce development. Notably, it also encompasses a 25 per cent investment tax credit, estimated to be around $24 billion, targeting the construction of chip plants, a Reuters news report said.

In a news statement, senior executive Steven Grasso emphasised the significance of federal support, stating, “This federal support is critical for GF (GlobalFoundries) to continue growing its U.S. manufacturing footprint, strengthening U.S. economic security, supply chain resiliency, and national defence.”

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The U.S. Commerce Department has recently mentioned that over 460 companies had expressed interest in vying for government semiconductor subsidy funding. The agenda is to strengthen the nation’s competitiveness in the global arena, particularly against China’s robust science and technology efforts.

GlobalFoundries has also shared that the U.S. Department of Defense (DoD) has given a new 10-year contract worth $3.1 billion. The fund must be used to supply securely manufactured, U.S.-made semiconductors across a wide range of critical aerospace and defence applications.

GlobalFoundries produces wireless connectivity chips in mobile phones, WiFi routers, and radio towers. Its client base includes prominent U.S. aerospace and defence firms like Lockheed Martin. This move aligns with their strategy to further enhance capabilities and strengthen the U.S. semiconductor industry.

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Nitisha Dubey
Nitisha Dubey
Nitisha Dubey is a journalist at EFY. She focuses on startups and innovations with a deep interest in new technologies and business models.

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