US to Award $1.5 Billion Chips Act Grant to GlobalFoundries
- Funding would expand fab facilities in Malta and Burlington
- Investment is expected to create more than 10,000 jobs
The Globalfoundries Inc. semiconductor fabrication plant.
Photographer: Liesa Johannssen/BloombergThis article is for subscribers only.
The US plans to award $1.5 billion to GlobalFoundries Inc., the largest domestic maker of made-to-order semiconductors, as part of the Biden administration’s effort to strengthen the nation’s chip production.
The funding, outlined in a non-binding preliminary agreement, would flow to three projects: a new fabrication facility in Malta, New York, the expansion of an existing site in Malta and expansion of its Burlington, Vermont, manufacturing site. The US is also offering the company $1.6 billion in federal loans.