Polar Semiconductor awarded $123M CHIPS grant for Minnesota expansion

The U.S. Department of Commerce awarded Polar Semiconductor up to $123 million in direct funding under the CHIPS and Science Act to expand and modernize its manufacturing facility in Bloomington, Minnesota. The investment is expected to almost double U.S. production capacity of sensor and power chips within two years, catalyzing over $525 million in total investment and creating over 160 jobs.

“The CHIPS incentive award catalyzes an investment of more than $525 million from private, state, and federal sources to transform Polar from a majority foreign-owned in-house manufacturer to a majority U.S.-owned commercial foundry”nist.gov

• 2 sources
• nist.govPolar Semiconductor (Minnesota) | NISTJul 25, 2024
• commerce.govU.S. Department of CommerceSep 1, 2024

Summarized from public sources; check the original articles before acting on it.