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SK hynix Signs Preliminary Memorandum of Terms with U.S. Department of Commerce for Advanced Packaging Facility in Indiana
August 7, 2024 | SK hynixEstimated reading time: 1 minute
SK hynix Inc. announced it has signed a non-binding preliminary memorandum of terms with the U.S. Department of Commerce to receive up to $450 million in proposed direct funding and access to proposed loans of $500 million as part of the CHIPS and Science Act for its investment to build a production base for semiconductor packaging in Indiana. Separately, SK hynix plans to seek from the U.S. Department of the Treasury a tax benefit equivalent of up to 25% of the qualified capital expenditures through the Investment Tax Credit program.
SK hynix said it deeply appreciates the U.S. government’s support and will comply with the requirements for the remaining procedures until the proposed funding is finalized.
The company also said that it will proceed with the construction of the Indiana production base as planned to meet the plan to provide AI memory products. Through this, it looks forward to contributing to build a more resilient supply chain of the global semiconductor industry.
The signing follows SK hynix’s announcement in April that it plans to invest $3.87 billion to build a production base for advanced packaging in Indiana in a move expected to create around 1,000 jobs. The company also said that it would collaborate with local research institutions, including Purdue University for research and development of semiconductors.
“We deeply appreciate the U.S. Department of Commerce’s support and are excited to collaborate in seeing this transformational project fully realized,” said SK hynix CEO Kwak Noh-Jung. “We are moving forward with the construction of the Indiana production base, working with the State of Indiana, Purdue University and our U.S. business partners to ultimately supply leading-edge AI memory products from West Lafayette. We look forward to establishing a new hub for AI technology, creating skilled jobs for Indiana and helping build a more robust, resilient supply chain for the global semiconductor industry.”
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