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.
