Friday, November 8, 2024 -
Proposed CHIPS Investments in New York and Pennsylvania Would Help Enhance Domestic Production Capacity of Key Components for U.S. Semiconductor Manufacturing...
Today, the Biden-Harris Administration announced that the U.S. Department of Commerce signed two separate preliminary memoranda of terms (PMT) under the CHIPS and Science Act. These agreements aim to provide Corning up to $32 million and Powerex up to $3 million in proposed direct funding. This initiative is part of the broader effort to boost semiconductor manufacturing in the United States, creating jobs and strengthening the domestic supply chain.
Corning (Canton, New York): The proposed $32 million investment will support Corning's expansion of its manufacturing facility in Canton, New York. This project is expected to create 130 manufacturing jobs and over 175 construction jobs. Corning will increase production of High Purity Fused Silica (HPFS) and Ultra Low Expansion (ULE) Glass, which are essential for semiconductor manufacturing. The investment will also support local workforce development and childcare infrastructure.
Powerex (Youngwood, Pennsylvania): The proposed $3 million investment will support Powerex's $15 million project to modernize and expand its production facility in Youngwood, Pennsylvania. This facility packages semiconductor power modules for defense and commercial applications. The project is expected to create over 55 manufacturing jobs and up to 20 construction jobs. Powerex will also engage in local workforce development initiatives.
Statements from Key Figures:
Gina Raimondo, U.S. Secretary of Commerce: "These proposed actions are creating quality jobs across the country while advancing U.S. technological leadership."
Wendell Weeks, Chairman and CEO of Corning Incorporated: "This proposed investment will enable us to establish next-generation manufacturing capabilities needed to produce vital materials for lithography tools."
Joseph Wolf, CEO of Powerex: "With this proposed funding, we’ll enhance our production capabilities and create new jobs, providing growth and advancement opportunities for our employees."
Both Corning and Powerex plan to claim the Department of the Treasury’s Advanced Manufacturing Investment Credit (CHIPS ITC), which is 25% of qualified capital expenditures.
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