The U.S. Department of Commerce on Monday revealed its intention to provide $1.5 billion in direct funding to GlobalFoundries under the U.S. CHIPS and Science Act. Additionally, the company is set to receive over $600 million in support from the state of New York over the next decade to aid in its growth and modernization efforts. This financial support will enable GlobalFoundries to upgrade existing manufacturing capacities in the U.S. and build new ones to meet the demand for U.S.-made chips in automotive, aerospace, defense, and other industries.
GlobalFoundries said it has a $12 billion investment plan for its U.S. manufacturing sites over the next decade that involves public-private partnerships with federal and state governments and strategic ecosystem partners. The company said that this investment package is expected to help it meet the increasing demand for domestically produced chips and create over 1,500 manufacturing jobs and approximately 9,000 construction jobs.
