Published , by TJ Denzer
Published , by TJ Denzer
The Biden administration has approved a major bout of funding for the Samsung company to boost its chip manufacturing and research capabilities with planned facilities in Texas. The funding will come from the CHIPS and Science Act that was passed in 2022 and provide up to $6.4 billion in funding to Samsung for its facilities, the first of which would begin production in 2026, and the second in 2027.
The Biden administration’s agreement to fund Samsung’s new facilities in Texas was reported this week, as shared by CNBC. The funding was approved by the Commerce Department as part of the overall investment from 2022’s CHIPS and Science Act, and with total investment from private money, funding may reach over $40 billion. Commerce Secretary Gina Raimondo was happy to share color on the confirmed funding:
Samsung is the latest company to move to take advantage of the CHIPS Act since its approval in Congress and signing by President Joe Biden in 2022. Samsung joins the likes of Micron and other companies that have started up plans for new manufacturing facilities on the back of the new federal funding initiative.
The full fruits of said funding are still years off, but along the way, the Commerce Department expects that Samsung’s plans will add around 17,000 construction jobs and 4,500 manufacturing jobs to the overall market. As we await further details on the construction of these facilities and their opening, stay tuned here at Shacknews for these and other CHIPS Act updates.