US to Award $1.5 Billion Chips Act Grant to GlobalFoundries (1)

The US plans to award $1.5 billion to GlobalFoundries Inc., the largest domestic maker of made-to-order semiconductors, as part of the Biden administration’s effort to strengthen the nation’s chip production.

The funding, outlined in a non-binding preliminary agreement, would flow to three projects: a new fabrication facility in Malta, New York, the expansion of an existing site in Malta and expansion of its Burlington, Vermont, manufacturing site. The US is also offering the company $1.6 billion in federal loans.

“Today’s investment will protect our national security by expanding domestic production of chips used in technology such as satellites and ...