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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.
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