The US Commerce Department said on Tuesday it plans to give HP $50 million to expand and modernize an existing company facility in Oregon that will boost key semiconductor technologies.
The department said the proposed funding will support technologies that serve life sciences equipment and technology hardware used in artificial intelligence applications and other projects.
In August 2022 Congress approved a $39 billion subsidy program for US semiconductor manufacturing and related components, as well as a $75 billion government loan authorization and a 25% investment tax credit worth an estimated $24 billion.
These projects build on HP’s expertise in microfluidics and microelectromechanical systems, and will be funded to support the manufacturing of critical silicon devices in life science laboratory equipment used in drug discovery, single cell research and cell line development.
Commerce Secretary Gina Raimondo said the proposed $50 million in funding for the Corvallis, Oregon, HP campus “reflects how we are investing in every part of the semiconductor supply chain and how critical semiconductor technology is to innovation in drug discovery and critical life sciences tools.”
The department said the technology will benefit partner institutions including Harvard Medical School, the US Centers for Disease Control and Prevention and Merck.
HP CEO Enrique Lores said the financing “provides HP with the opportunity to modernize and expand its facility to invest further in its microfluidics technology.”
The department has announced a term sheet with 17 companies offering more than $32 billion in grants and up to $29 billion in loans.
It also rolled out other major planned awards, including a $6.4 billion grant to South Korea’s Samsung to expand chip production in Texas.
Intel won an $8.5 billion grant in March, while Taiwan’s TSMC received a $6.6 billion grant to boost its U.S. production, and memory chip maker Micron Technology won a $6.1 billion grant to help finance domestic chip factory projects.
All awards are yet to be finalized and amounts are subject to change following due diligence by the Department of Commerce.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
