Login

News Post

US finalises $123 million chips award for Polar Semiconductor

Economic TimesEconomic Times · 4d
US finalises $123 million chips award for Polar Semiconductor

The U.S. Commerce Department has approved a $123 million grant for Polar Semiconductor to expand its Minnesota plant, allowing the company to increase its production capacity of power and sensor chips. This grant is part of the Biden administration's $52.7 billion subsidy program for semiconductor manufacturing and research. Commerce Secretary Gina Raimondo stated that the funding will help establish a new U.S.-owned foundry for sensor and power semiconductors and enhance Polar's production capabilities. The expansion is expected to serve the aerospace, automotive, and defense industries. The state of Minnesota is also contributing $75 million towards the project. This is the first grant to be finalized by the Commerce Department under the subsidy program.

1
View Source

Comments

More Like this

ShareChat adds fresh ESOPs worth $123 Mn

ShareChat adds fresh ESOPs worth $123 Mn

Stable Money Nets $123.5 Cr To Expand Its Wealthtech Play

Stable Money Nets $123.5 Cr To Expand Its Wealthtech Play

Byju’s staff to get their PF dues as company transfers Rs 123 crore to EPFO

Byju’s staff to get their PF dues as company transfers Rs 123 crore to EPFO

Wealthtech startup Stable Money raises Rs 123.56 crore led by Cyprus-based RTP Global, others

Wealthtech startup Stable Money raises Rs 123.56 crore led by Cyprus-based RTP Global, others

Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round

Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round

India Home To 1.4 Lakh Startups As Of June: Govt

India Home To 1.4 Lakh Startups As Of June: Govt

Video shows Aston Martin, Lamborghini, Porsche at Zomato office in Gurugram

Video shows Aston Martin, Lamborghini, Porsche at Zomato office in Gurugram

Dhruva Gets In-SPACe Nod To Offer Ground Station Services

Dhruva Gets In-SPACe Nod To Offer Ground Station Services

Hero MotoCorp shares rise 4% despite May sales dip

Hero MotoCorp shares rise 4% despite May sales dip

Netflix teams up with CBS Sports to produce Christmas day NFL games

Netflix teams up with CBS Sports to produce Christmas day NFL games

Download the medial app to read full posts, comements and news.