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Intel to receive $8.5 billion for U.S. manufacturing thanks to the CHIPS and Science Act

Intel to receive $8.5 billion for U.S. manufacturing thanks to the CHIPS and Science Act
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According to the CHIPS and Science Act, Intel receives significant government support from the US. Under a preliminary agreement reached with the Department of Commerce, the company can receive up to $8.5 billion in direct government funding.

This money will go towards expanding manufacturing capabilities in the United States, particularly plants designed for the production of advanced semiconductor chips for artificial intelligence and advanced technologies.

Government funding of $8.5 billion will complement the company's $100 billion investment in US production, planned to be made over the next 5 years. And if the company needs more money, according to the agreement, it can borrow up to $11 billion from the US.

President of the United States Joe Biden signed the CHIPS and Science Act back in 2022 to promote domestic research and semiconductor manufacturing, as well as reduce American companies' dependence on Chinese suppliers. This is the fourth and largest investment by the administration in CHIPS. If combined with Intel's own funds and government financing, this is one of the largest investments announced in semiconductor production in the US as a whole. In February, the government also announced that it is providing GlobalFoundries with $1.5 billion in funding under the CHIPS and Science Act to help build new plants.

It is expected that Intel's projects in the aforementioned regions will create 20,000 construction and 10,000 manufacturing jobs. To help the local population benefit from these projects, the government will also allocate $50 million for training and developing the local workforce.

Source: Engadget

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