GlobalFoundries Cements Chips Act Deal for $1.5 Billion Grant
- Pact doesn’t include $1.6 billion loan from proposed agreement
- Biden administration has been firming up Chips Act awards
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The Biden administration has finalized Chips Act incentives for GlobalFoundries Inc., awarding the chipmaker $1.5 billion in grants to support US factories as part of a broader semiconductor push.
The binding agreement matches the grant amount proposed in February and means that GlobalFoundries can start receiving federal funding as it hits negotiated milestones at projects in Vermont and New York.