GlobalFoundries, U.S. DoC announce award agreement on CHIPS Act

GlobalFoundries (GFS) and the U.S. Department of Commerce, DoC, have announced an award of up to $1.5B in direct funding to GF through the CHIPS and Science Act. The award follows the previously signed preliminary memorandum of terms announced in February 2024 and will enable GF to expand its essential chip manufacturing and technology development in the U.S., strengthening supply chains and supporting customers across a range of vital end-markets. GF’s CHIPS and Science Act award will support three projects: Expansion of GF’s existing Malta, New York, fab by adding critical technologies already in production at GF’s Singapore and Germany facilities; Modernization and upgrading of GF’s existing fab in Essex Junction, Vermont, to expand production capacity and create one of the world’s leading facilities capable of high-volume manufacturing of next-generation gallium nitride semiconductors; Construction of a new state-of-art fab on GF’s Malta, New York, campus to meet expected demand for U.S.-made essential chips across a broad range of markets and applications including automotive, AI in the data center and at the edge, as well as aerospace and defense.