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Commerce Department, Intel Sign Agreement to Improve US Semiconductor Industry

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Commerce Department, Intel Sign Agreement to Improve US Semiconductor Industry

The Department of Commerce has signed a non-binding preliminary memorandum of terms with Intel for commercial semiconductor projects under the CHIPS and Science Act.

According to Secretary of Commerce Gina Raimondo, the agreement is part of President Joe Biden’s commitment to revitalizing domestic manufacturing and ensuring the country’s leadership in the global manufacturing sector.

Announced on Wednesday, the Biden-Harris administration proposed up to $8.5 billion in direct funding for Intel to continue working on multiple projects in Arizona, New Mexico, Ohio and Oregon, Intel said.

Intel CEO Pat Gelsinger said that the partnership between the company and the U.S. government empowers the next chapter of American innovation, especially at a time when semiconductors play an important role in maximizing the potential of artificial intelligence.

The U.S. semiconductor industry is behind the Biden-Harris administration’s revitalization initiative. In February 2023, Semiconductor Industry Association President and CEO John Neuffer said that the White House needs to ensure effective implementation of the measure to revive the chip sector.

Congress passed the Act in August 2022, providing $52 billion in subsidies for the U.S. semiconductor sector and an estimated $100 billion for scientific research.

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Tags: CHIP Act commercial semiconductor federal civilian funding Intel non-binding preliminary memorandum of terms partnership US Commerce