President Joe Biden is expected to award a multi-billion dollar award to Intel Corporation (NASDAQ:INTC) to expand semiconductor production in the U.S.
The funding is part of the CHIPS and Science Act, a $280 billion package Biden signed into law in 2022.
Biden is expected to announce the award alongside Commerce Secretary Gina Raimondo.
Intel announced in October that it had broken ground on a new fabrication plant (fab) at its Ocotillo campus in Chandler, Arizona, where it has plans to build two new fabs with a project price tag of $20 billion.
Reuters reports that Intel’s award will likely include a mix of loans and grants from the government’s $53 billion CHIPS and Science Act fund. It’s also expected to be the biggest award to be granted so far from the 2022 Act, which aims to cut down the U.S.’s dependence on critical technological components imported from abroad.
Last month, GlobalFoundries Inc (NASDAQ:GFS) received $1.5 billion of CHIPS Act grants to support the expansion of its production facility in Malta, New York, including the ...