$123 million grant will fund production expansion for Polar Semiconductor.
The Commerce Department has finalized its $123 million grant to Polar Semiconductor, allowing the company to expand its Minnesota production facility to twice its size.
Commerce Secretary Gina Raimondo said the award would help “create a new U.S.-owned foundry for sensor and power semiconductors” and boost Polar production from roughly 20,000 wafers per month to 40,000, offering increased supplies for aerospace, automotive, and defense needs.
This is the first semiconductor grant authorized by the 2022 CHIPS Act that has been fully finalized by the Commerce Department. Many similar contracts with other companies have reached preliminary agreements and are awaiting finalization.
“You’re going to start to see more awards like this, dollars to companies in the coming weeks and months,” Secretary Raimondo said.
As the Lord Leads, Pray with Us…
- For wisdom for Secretary Raimondo and Commerce Department officials as they allocate funding under the CHIPS and Science Act.
- For those who receive government grants to put the investments to efficient and effective use for the good of the nation’s supply chain and economy.
Sources: Reuters, MSN
