Texas Instruments and the US Department of Commerce have inked a non-binding preliminary memorandum of agreement that might result in the firm receiving $1.6 billion in financing from the Science Act and CHIPS.
Haviv Ilan, president and Married maCEO of Texas Instruments, confirmed the development in a press release on Friday.
Texas Instruments Incorporated is a multinational semiconductor manufacturer that creates, produces, and distributes analogue and embedded processor chips for use in enterprise systems, automotive, industrial, and consumer electronics sectors.
As per the report, three 300mm semiconductor wafer fabs in Texas and Utah are now under development, and the preliminary agreement includes up to $1.6 billion in direct funding for TI through the CHIPS and Science Act.
TI also anticipates receiving $10 million for workforce development.
“This proposed CHIPS funding will further support Texas Instruments’ investment in its new semiconductor fab in Lehi —and enhance Utah’s vital role in our national defence and economic success,” said U.S. Senator Mitt Romney.
Thousands of indirect jobs for the building, supplier, and supporting industries, as well as over 2,000 new TI jobs, will be generated by the projects.
“Utah is thrilled that Texas Instruments is expanding its manufacturing presence in the Silicon Slopes, furthering the impact Utahns have on critical semiconductor technology,” said Utah Gov. Spencer Cox.
“This investment in semiconductor manufacturing not only creates more jobs but also brings supply chains back to the United States.”
Congress enacted the $280 billion CHIPS and Science Act in July 2022, allocating $52 billion of the total financing package for US semiconductor makers as subsidies.
Additionally, the act has set aside funds for R&D in semiconductors, the development of a competent workforce in semiconductors, and incentives for the production of semiconductors and specialised tools.
We earlier reported Google’s Fitbit is collaborating with Peloton Interactive to give its premium users access to the exercise equipment manufacturer’s fitness content.
