Globalfoundries Receives $1.5 Billion for Chips and Science Act

Globalfoundries, a leading semiconductor manufacturer, has secured a significant boost with $1.5 billion in funding from the Chips and Science Act. This funding is earmarked for expanding and enhancing manufacturing capacity to produce integrated circuits (ICs) for a range of industries, including automotive, IoT, aerospace, defense, and more.

The investment will be allocated to support three key projects at Globalfoundries. With market demands on the rise, the company is planning to inject over $12 billion into its operations over the next decade. This substantial investment will be made possible through public-private partnerships, with backing from both federal and state governments, as well as support from strategic customers within its ecosystem.

One of the focal points of this expansion effort will be the two projects located in Malta, New York. Governor Hochul of New York recently unveiled plans to provide $575 million in direct funding for the New York State Green CHIPS initiative. Additionally, there will be $15 million allocated for workforce development activities specific to Globalfoundries, and $30 million set aside for infrastructure upgrades and energy incentives facilitated by the New York Power Authority (NYPA).

Collectively, these investments are projected to generate more than 1,500 new manufacturing jobs and approximately 9,000 construction jobs throughout the duration of these projects. This infusion of capital and resources is expected to have a significant economic impact on the region, creating opportunities for both skilled workers and businesses in the semiconductor industry.

Tom Caulfield, the CEO of Globalfoundries, emphasized the importance of these investments in shaping the future of the company and the semiconductor sector as a whole. He highlighted the role of the investment tax credit (ITC) for semiconductor manufacturing in driving growth and competitiveness. Caulfield also underscored the broader implications of these initiatives in strengthening the U.S. semiconductor ecosystem and positioning the New York Capital Region as a key player in the global semiconductor landscape.