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Benzinga
Benzinga
Business
Nabaparna Bhattacharya

SkyWater Technology Shares Rise As Semiconductor Maker Secures $16 Million In Federal Funds

SkyWater Semiconductor Commerce SKYT United States

SkyWater Technology, Inc. (NASDAQ:SKYT) shares are up on Friday following an announcement about securing up to $16 million in funding administered by the U.S. Department of Commerce.

The proposed federal funding is part of the CHIPS Act, which President Joe Biden signed in 2022. It will support SkyWater’s efforts to enhance its production capabilities at its Minnesota facility. Key markets include aerospace, defense, biomedical, industrial, thermal imaging, and quantum computing.

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