U.S. to Award $1.5 Billion Chips Act Grant to GlobalFoundries

(Bloomberg) — The United States plans to award $1.5 billion to GlobalFoundries Inc., the largest domestic maker of made-to-order semiconductors, as part of the Biden administration’s effort to strengthen the nation’s chip production.

The funding, outlined in a non-binding preliminary agreement, would flow to three projects: a new fabrication facility in Malta, New York; the expansion of an existing site in Malta; and expansion of its Burlington, Vermont, manufacturing site. The U.S. is also offering the company $1.6 billion in federal loans.