U.S. Boosts Semiconductor Manufacturing: $123 Million CHIPS Award for Polar Semiconductor
Tuesday, Sep 24, 2024 5:15 am ET
1min read The U.S. Department of Commerce has finalized a $123 million CHIPS award for Polar Semiconductor, marking a significant step in the Biden-Harris Administration's Investing in America agenda. This award, part of the CHIPS and Science Act, will enable Polar Semiconductor to expand and modernize its Bloomington, Minnesota, manufacturing facility, strengthening national and economic security, bolstering supply chains, and creating quality jobs.
The investment will support Polar's efforts to nearly double its U.S. production capacity of sensor and power chips within two years. This award catalyzes a total investment of over $525 million from private, state, and federal sources, transforming Polar from a majority foreign-owned in-house manufacturer to a majority U.S.-owned commercial foundry. Through this project, the Administration's investment is expected to create over 160 manufacturing and construction jobs in Minnesota.
With this investment, Polar Semiconductor will be able to better serve customers in the U.S. automotive, aerospace, defense, optoelectronics, MEMS, and medical device industries. The company will also be able to deliver cutting-edge semiconductor solutions and support technology and design innovation, protecting intellectual property and facilitating onshoring and technology transfers.
The Biden-Harris Administration's investment in Polar Semiconductor is part of a broader effort to reshape the U.S. manufacturing landscape, create jobs, and advance America's leadership in the technologies of tomorrow. By investing in semiconductor manufacturing, the Administration is fostering a more resilient and competitive U.S. economy.
The investment will support Polar's efforts to nearly double its U.S. production capacity of sensor and power chips within two years. This award catalyzes a total investment of over $525 million from private, state, and federal sources, transforming Polar from a majority foreign-owned in-house manufacturer to a majority U.S.-owned commercial foundry. Through this project, the Administration's investment is expected to create over 160 manufacturing and construction jobs in Minnesota.
With this investment, Polar Semiconductor will be able to better serve customers in the U.S. automotive, aerospace, defense, optoelectronics, MEMS, and medical device industries. The company will also be able to deliver cutting-edge semiconductor solutions and support technology and design innovation, protecting intellectual property and facilitating onshoring and technology transfers.
The Biden-Harris Administration's investment in Polar Semiconductor is part of a broader effort to reshape the U.S. manufacturing landscape, create jobs, and advance America's leadership in the technologies of tomorrow. By investing in semiconductor manufacturing, the Administration is fostering a more resilient and competitive U.S. economy.
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