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HomeInnovationCHIPS Act will 'unleash the next generation of American innovation'

CHIPS Act will ‘unleash the next generation of American innovation’

By Commerce Newswire Report

WASHINGTON, USA – The US Department of Commerce’s National Institute of Standards and Technology launched the first CHIPS for America funding opportunity, providing manufacturing incentives to boost the semiconductor industry and support jobs across the supply chain.

The initiative forms part of the bipartisan CHIPS and Science Act, which aims to revitalize the sector and includes $50 billion to support this goal, according to a February 28 news release.

“The CHIPS and Science Act presents a historic opportunity to unleash the next generation of American innovation, protect our national security and preserve our global economic competitiveness,” secretary of commerce Gina Raimondo said in the release.

The first funding opportunity will provide support for projects that build, modernize or expand commercial facilities producing cutting-edge, mature-node and current-generation semiconductors, according to the release. The commerce department expects to release additional funding opportunities for research and development facilities and semiconductor materials and equipment facilities later in the year.

The CHIPS and Science Act is part of president Biden’s economic plan, which aims to stimulate private sector investment and create good-paying jobs, among other objectives, the release reported.

The CHIPS for America funding opportunity seeks to restore US leadership in semiconductor manufacturing and advance its economic and national security interests, the release reported. The initiative includes $39 billion in semiconductor incentives and aims to create good-paying jobs across the semiconductor supply chain. The vision for success outlines strategic objectives for the industry, including the establishment of advanced packaging facilities.

Awards will be made through direct funding, federal loans and/or federal guarantees of third-party loans. The commerce department wants applicants to use this funding to complement other sources of funding such as private investment, according to the release. Applicants are encouraged to bring capital to the table.

The aim of CHIPS for America is to catalyze private investment, protect taxpayer dollars, build a skilled diverse workforce, engage with US partners and allies and drive economic opportunity and inclusive economic growth, the release reported.

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