Intel and US government finalize $7.86 billion in funding

Intel has announced that it has finalized $7.86 billion in funding with the Biden-Harris administration and the US Department of Commerce. The investment is part of the US CHIPS and Science ACT and will support more than 10,000 company jobs, almost 20,000 construction jobs, and more than 50,000 indirect jobs with suppliers and supporting industries.

Intel said that this direct funding is in addition to a $3 billion contract that it was awarded as part of the Secure Enclave program that is designed to expand semiconductor manufacturing for the US government. In addition to the funding it received today, Intel also gets a 25% investment tax credit. The main benefit for America is that Intel is planning to invest over $100 billion in the country which will support US manufacturing and jobs.

With this funding from the US government, Intel is planning to improve its commercial semiconductor manufacturing and advanced packaging projects in Arizona, New Mexico, Ohio, and Oregon.

Commenting on this development, Pat Gelsinger, CEO of Intel, said:

"With Intel 3 already in high-volume production and Intel 18A set to follow next year, leading-edge semiconductors are once again being made on American soil. Strong bipartisan support for restoring American technology and manufacturing leadership is driving historic investments that are critical to the country’s long-term economic growth and national security. Intel is deeply committed to advancing these shared priorities as we further expand our U.S. operations over the next several years."

Intel's plans focus strongly on sustainable and inclusive development. For example, it will set aside $56 million to create a more skilled semiconductor workforce. Intel plans to train students and faculty at all education levels to help support the industry's growth in the coming years. Included in this effort is its recently launched apprenticeship program for manufacturing facility technicians.

In addition to skills training, Intel will use $5 million to increase childcare availability near its facilities. This will help women with young children to return to the workplace more quickly so that their careers are not hurt by choosing to expand their families. A further $4 million will be used to support Intel's participation in the CHIPS Women in Construction Framework which will increase the participation of women and economically disadvantaged individuals.

Source: Intel

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