HP is the latest buyer CHIPS and Science Law financing. The Commerce Department has agreed to preliminary terms with the company to spend up to $50 million to modernize its Oregon plant, the Biden-Harris Administration said Tuesday. The expansion of HP’s lab-to-fab plant, which combines R&D with chip manufacturing, is expected to create more than 250 jobs.
Once completed, HP’s funding will support the development of chips for life sciences laboratory equipment. This includes devices used for drug discovery, single cell research and cell line development. HP says the expansion will also advance microfluidics, a technology built for studying fluid behavior and control at the microscopic scale. “Microfluidics has the potential to drive revolutionary change across industries, enabling the speed, efficiency and precision to pave the way for next-generation innovation in life sciences and technology,” said Enrique Lores, president and CEO of HP. he wrote In the press release of the Ministry of Trade.
The proposed $50 million will support the expansion and modernization of HP’s existing plant in Corvallis, OR, about 80 miles south of Portland. In addition to silicon production, the plant is one of the company’s three global R&D centers. The 80,000-square-foot facility has incubated 39 startups, including 20 from Oregon State University faculty and students. The company has an academic partnership with Portland Community College for training and employment programs.
The proposed financing of $50 million is through a preliminary memorandum (PMT). A non-binding agreement is “conditional on the achievement of certain milestones”. After completing its merits review of HP’s application, the Commerce Department will begin due diligence on HP’s proposed projects before the agency negotiates or finalizes funding terms.
280 billion dollars CHIPS and Science LawSigned by President Biden in 2022, it directs funding to encourage semiconductor companies to manufacture in America, boosting American capabilities. It competes with China while generating business growth. This includes $39 billion in subsidies for domestic chip manufacturing and $13 billion in subsidies for workforce training.
Previous acquisitions include $8.5 billion For Intel6.6 billion dollars For TSMC and 6.4 billion For Samsung. In addition, GlobalFoundries It received 1.5 billion dollars and Texas Instruments got $1.6 billion to make legacy chips (less advanced silicon for things like phones, appliances, and defense equipment).
