GlobalFoundries Awarded $1.5 Billion from US Chips Act

GlobalFoundries, the world's third-largest semiconductor foundry, has officially received $1.5 billion in funding from the US Chips and Science Act. This substantial award will bolster the company's domestic chip manufacturing capabilities and contribute to a more resilient US supply chain. The funding, part of a larger $13 billion investment plan by GlobalFoundries over the next decade, will support three key projects: Expansion and Modernization of Existing Facilities Malta, New York: Expansion of the existing chip fab with critical technologies to support the US automotive industry. Essex Junction, Vermont: Modernization and expansion of the current plant, including a new facility for high-volume gallium nitride (GaN) semiconductor production, essential for electric vehicles, data centers, and other applications. Construction of a New Fab Malta, New York: A brand-new manufacturing plant to address domestic demand for chips in the aerospace, defense, computing, and automotive sec…