Largest US semiconductor maker snags $1.5B from stalled Chips Act for plants in NY, Vermont

News Snapshot:

The Biden administration awarded $1.5 billion to the nation’s largest domestic semiconductor manufacturer — the first major grant from the $52 billion Chips Act passed nearly two years ago. GlobalFoundries, the world’s third-largest contract chip maker, will build a new semiconductor production facility in Malta, NY, as well as expand existing operations at the plant and another in Burlington, Vt., according to a preliminary agreement with the Commerce Department. The grant will be accompanied by $1.6 billion in available loans, with the funding expected to generate $12.5 billion in overall potential investment across the two states. “The chips that GlobalFoundries...