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Funding Updates
Total committed by the Biden-Harris Administration: $30+ billion in proposed incentives funding
President Biden signed the bipartisan CHIPS and Science Act into law on August 9, 2022 — creating a $52 billion investment to revitalize America’s domestic semiconductor industry and strengthen the country’s economic and national security. CHIPS for America within the U.S. Department of Commerce is responsible for administering $50 billion of that investment in semiconductor incentives and funding for research and development programs. The activities on this page continue the implementation phase of this key part of President Biden’s Investing in America agenda to bring manufacturing jobs back to the United States, strengthen global supply chains, and secure America’s technology leadership in the 21st century.
Company Projects Breakdown
| Company Name | Proposed Award Amount | Proposed Funding Site(s) |
|---|---|---|
| Absolics | up to $75 million in proposed incentives | Covington, GA |
| Amkor Technology, Inc. | up to $400 million in proposed incentives | Peoria, AZ |
| BAE Systems, Inc. | up to $35 million in proposed incentives | Nashua, NH |
| Entegris | up to $75 million in proposed incentives | Colorado Springs, CO |
| GlobalFoundries | up to $1.5 billion in proposed incentives | Malta, NY Burlington, VT |
| GlobalWafers | up to $400 million in proposed incentives | St. Peters, MO Sherman, TX |
| HP Inc. | up to $50 million in proposed incentives | Corvallis, OR |
| Intel Corporation | up to $8.5 billion in proposed incentives | Chandler, AZ New Albany, OH Hillsboro, OR Rio Rancho, NM |
| Microchip Technology | up to $162 million in proposed incentives | Colorado Springs, CO Gresham, OR |
| Micron | up to $6.14 billion in proposed incentives | Boise, ID Clay, NY |
| Polar Semiconductor | up to $120 million in proposed incentives | Bloomington, MN |
| Rocket Lab | up to $23.9 million in proposed incentives | Albuquerque, NM |
| Rogue Valley Microdevices | up to $6.7 million in proposed incentives | Palm Bay, FL |
| Samsung Electronics | up to $6.4 billion in proposed incentives | Austin, TX Taylor, TX |
| SK hynix | up to $450 million in proposed incentives | West Lafayette, IN |
| Texas Instruments | up to $1.6 billion in proposed incentives | Sherman, TX Lehi, UT |
| TSMC Arizona | up to $6.6 billion in proposed incentives | Phoenix, AZ |
CHIPS for America Proposed Funding Sites
Application Stages for CHIPS Incentives
- Statement of interest: A potential applicant is first asked to submit a statement of interest with a brief description of the proposed project(s) so that the Department may plan for review.
- Pre-application: Next, a potential applicant may submit an optional pre-application with more detailed information on the proposed project(s). The Department provides written feedback to the potential applicant, including a recommendation for next steps.
- Full application: To be considered for funding, all potential applicants must ultimately submit a full application, which allows the Department to determine whether the project advances U.S. economic and national security and meets other strategic objectives. Before moving into due diligence, the Department will prepare and offer the applicant a non-binding preliminary memorandum of terms (PMT).
- Due diligence: If a full application appears reasonably likely to receive an award, and the Department and the applicant agree or foresee agreement on a PMT, the application will enter comprehensive due diligence.
- Award preparation and issuance: When diligence is substantially complete, the Department and the applicant will negotiate a long-form term sheet and/or final award documents that contains terms more detailed than the PMT. After successfully completing due diligence, the Department will prepare and issue an award. Awards are expected to be disbursed in tranches tied to project milestones.