SkyWater Technology, a semiconductor manufacturer, has signed a preliminary memorandum of terms worth up to $16 million with the CHIPS for America program, administered by the U.S. Department of Commerce. This funding will support production enhancements at SkyWater’s Minnesota facility for markets including aerospace, defense, biomedical, and quantum computing. The $16 million CHIPS Program award will be combined with $19 million in incentives from the State of Minnesota’s Forward Fund, in addition to customer-funded investments totaling $320 million through 2026. This brings the expected combined investment to over $350 million by the end of the decade. The company will also utilize the Advanced Manufacturing Investment Tax Credit to further support its capital expenditures. With this funding, SkyWater plans to increase its U.S.-based semiconductor capacity by 30%, create 70 new jobs, modernize its facility, ensure a consistent supply of silicon for programs, and accelerate technology development for customers. These efforts will help meet the growing demand for domestically produced microelectronics. This news was first reported by TheFly, a leading source for real-time financial news. SkyWater’s commitment to innovation and growth in the semiconductor industry is demonstrated through this partnership.
Source
Photo credit finance.yahoo.com
SkyWater Technology secures $16 million Public-Private Partnership agreement with CHIPS for America program
