President Joe Biden will tour an Intel campus in Phoenix and announce a preliminary agreement with Intel for a major award from the 2022 Chips and Science Act.
The US will award Intel Corp. $8.5 billion in grants and as much as $11 billion in loans to help fund an expansion of its semiconductor factories, marking the largest award from a program designed to reinvigorate the domestic chip industry.
On Wednesday, Intel is the first company to land a preliminary Chips Act funding deal for advanced chipmaking facilities. For Intel, the facilities are part of an ambitious turnaround bid under Chief Executive Officer Pat Gelsinger. The effort has included building up a foundry business — an operation that makes chips for other companies — and Intel recently secured Microsoft Corp. as a high-profile customer.
Gelsinger said that it’s been economically uncompetitive to build plants in the US compared with East Asia. These awards help redress that imbalance, he said. The US’s loss of chip manufacturing took place over decades, and it may take more than the current program of support to fully reverse that trend.
Intel’s award will be the “single-biggest announcement of a grant to any Chips recipient,” Raimondo told reporters ahead of the news. The projects will create more than 30,000 construction and manufacturing jobs across four states, she added, pointing to $50 million set aside in Intel’s award specifically for workforce development.
The funding announced Wednesday is focused solely on commercial production. But Intel is also expected to receive some $3.5 billion in funding for manufacturing of military and intelligence chips. That grant has thrown a wrench into broader Chips Act negotiations over the past few weeks because the Pentagon pulled out from a plan to foot more than two-thirds of the bill.
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