SIA Applauds Finalization of First CHIPS Award for Polar Semiconductor
September 30, 2024 | SIAEstimated reading time: 1 minute
The Semiconductor Industry Association (SIA) released the following statement from SIA President and CEO John Neuffer applauding the first finalized agreement to allocate incentives under the CHIPS and Science Act. The agreement between Polar Semiconductor and the U.S. Department of Commerce will support the expansion of Polar’s chip production capabilities in Minnesota.
The Commerce Department previously announced preliminary incentives agreements for a range of companies and projects that will help strengthen the U.S. semiconductor supply chain.
“We applaud Polar Semiconductor and the U.S. Department of Commerce for working diligently to finalize this agreement, which represents a key milestone in the implementation of the historic CHIPS and Science Act. We are encouraged by the progress being made to get critical CHIPS awards out the door and directed to projects promoting U.S.-based semiconductor production and innovation. And we hope today’s final award is the first of many more to come over the next weeks and months. We look forward to continuing to work with leaders in industry and government to ensure the CHIPS Act delivers maximum benefits for America’s economic and national security.”
As previously announced in May, the incentives related to this agreement will allow Polar to double its U.S. fabrication capacity of sensor and power chips within two years and serve diverse market segments. As part of the announcement, Polar Semiconductor is also transitioning to become a U.S. majority-owned commercial foundry.
The CHIPS Act’s manufacturing incentives have sparked substantial announced investments in the U.S. In fact, companies in the semiconductor ecosystem have announced more than 90 new projects across 28 U.S. states—totaling hundreds of billions of dollars in private investments—since the CHIPS Act was introduced. These announced projects will create more than 58,000 jobs in the semiconductor ecosystem and support hundreds of thousands of additional U.S. jobs throughout the U.S. economy.
An SIA-Boston Consulting Group report released in May projected the United States will triple its domestic semiconductor manufacturing capacity from 2022—when CHIPS was enacted—to 2032. The projected 203% growth is the largest projected percent increase in the world over that time. The report also projected America will capture over one-quarter (28%) of total global capital expenditures (capex) from 2024-2032.
Suggested Items
NY CREATES Receives $4.7M National Science Foundation Grant to Launch Semiconductor Workforce Development Program
09/30/2024 | NY CREATESThe New York Center for Research, Economic Advancement, Technology, Engineering, and Science (NY CREATES) announced today it has been awarded a $4.7 million grant from the National Science Foundation (NSF) to support the establishment of the Education Alliance for Semiconductor Experiential Learning (EASEL) program.
Bowman Signs Distribution Agreement with Nireco for Bowman's XRF Measurement Instruments in Japan
09/30/2024 | BowmanBowman Analytics is proud to announce the signing of a new distribution agreement with Nireco. Bowman manufactures XRF analytical instruments for a wide variety of industries and applications such as semiconductors, electronic components, printed circuit boards (PCB), automotive, aerospace, general metal finishing, lead frames, and jewelry.
Advanced Energy Opens Design and Service Center in the Greater Boston Area
09/20/2024 | BUSINESS WIREAdvanced Energy – a global leader in highly engineered, precision power conversion, measurement and control solutions – has announced the opening of a new design and service center in Wilmington, MA.
Tata, Analog Devices Announce Strategic Alliance to Explore Joint Opportunities for Semiconductor Ecosystem in India
09/19/2024 | Analog Devices, Inc.Tata Group, a global enterprise headquartered in India, and Analog Devices, Inc., a global semiconductor leader, announced a strategic alliance to explore potential cooperative manufacturing opportunities.
EDA Market to Grow $8.7 Billion (2024-2028) with AI's Rising Impact on Trends
09/19/2024 | PRNewswireThe market is estimated to grow at a CAGR of 10.26% during the forecast period. Growing significance of EDA in electronic design process is driving market growth, with a trend towards machine learning disrupting global EDA market