Polar Semiconductor, a Minnesota-based manufacturer of sensor and power semiconductors, is the first company to be awarded under the CHIPS program, ahead of several other prospective recipients like Intel, Samsung, and TSMC. According to the U.S. Department of Commerce, the company will receive up to $123 million in direct funding, although the funds will be released in tranches according to completed milestones.
The CHIPS Act fund will upgrade and expand Polar’s existing fab in Bloomington, Minnesota. It is part of the $525 million investment in the company from private equity, the state government, and Washington. The company aims to double its U.S. production capacity in two years through the funding it receives from the federal government.
