Samsung awarded up to $4.75B in CHIPS act funding

The Biden-Harris Administration on Friday announced that the U.S. Department of Commerce awarded Samsung (SSNLF) Electronics up to $4.745B in direct funding under the CHIPS Incentives Program’s Funding Opportunity for Commercial Fabrication facilities. The award follows the previously signed preliminary memorandum of terms, announced on April 15, 2024, and the completion of the Department’s due diligence. This funding will support Samsung’s investment of over $37B in the coming years to turn its existing presence in Central Texas into a comprehensive ecosystem for the development and production of chips in the United States, including two new logic fabs and an R&D fab in Taylor, as well as an expansion to their existing Austin facility. The Department will distribute the funds based on Samsung’s completion of project milestones. “With this investment in Samsung, the U.S. is now officially the only country on the planet that is home to all five leading-edge semiconductor manufacturers. This is an extraordinary achievement, which will ensure we have a steady, domestic supply of the most advanced semiconductors that are essential to AI and national security, while also creating tens of thousands of good-paying jobs and transforming communities across the country,” said U.S. Secretary of Commerce Gina Raimondo.