The CHIPS and Science Act is key to support the semiconductor industry – the proposed investment is necessary to boost chip production in the squo. Solves clean energy transition now.

Today, as part of the Investing in America tour, the Biden-Harris Administration announced that the U.S. Department of Commerce and GlobalWafers America, LLC and MEMC LLC (“MEMC”), subsidiaries of GlobalWafers Co., Ltd. (“GlobalWafers”), have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $400 million in proposed direct funding under the CHIPS and Science Act to help onshore critical semiconductor wafer production and advance U.S. technology leadership. President Biden signed the bipartisan CHIPS and Science Act, a key component of his Investing in America agenda, to usher in a new era of semiconductor manufacturing in the United States, bringing with it a revitalized domestic supply chain, good-paying jobs, and investments in the industries of the future. The proposed CHIPS investment would support the construction of new wafer manufacturing facilities and the creation of 1,700 construction jobs and 880 manufacturing jobs. This proposed investment will support projects with total capital expenditures of approximately $4 billion across both states. “President Biden is restoring our leadership in the entire semiconductor supply chain – from materials to manufacturing, to R&D. With this proposed investment, GlobalWafers will play a crucial role in bolstering America’s semiconductor supply chain by providing a domestic source of silicon wafers that are the backbone of advanced chips,” said U.S. Secretary of Commerce Gina Raimondo. “As a result of this proposed investment, the Biden-Harris Administration is helping to secure our supply chains, which will create over 2,000 jobs across Texas and Missouri and ultimately lowering costs and improving economic and national security for Americans.” “President Biden is taking historic action to bring semiconductor manufacturing back in the United States,” said Arati Prabhakar, Assistant to the President for Science and Technology and Director of the White House Office of Science and Technology Policy. “The semiconductor wafers that will come from today’s announcement will be the foundation for the complex chips we need to compete in the global economy. We’re bolstering our national security, advancing our clean energy transition, and creating good jobs that support families in Texas and Missouri.”