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Biden admin announces $1.5B to support chip manufacturing

February 20, 2024


The Biden administration has announced $1.5 billion in potential funding to support multiple semiconductor manufacturing projects in New York and Vermont.

The Department of Commerce and GlobalFoundries have signed a non-binding agreement of terms for the funding under the CHIPS and Science Act. The projects are expected to include direct funding plus loans, and about $10 million in dedicated funding for workforce development, with total potential public and private investment for the projects estimated at about $12.5 billion, according to Commerce.

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