Receiving $1.5 billion funding under the CHIPS Act, GlobalFoundries secures major financial support.

The US government has approved a $1.5 billion funding under the CHIPS Act with GlobalFoundries to establish a chip manufacturing plant to meet the demand in the United States. Additionally, the company has also received over $600 million in additional funding from the state of New York to establish and expand facilities in the area. GlobalFoundries, headquartered in New York, is the first company to produce pure-play chips to receive funding under the CHIPS Act. This capital will be used to expand the Malta plant to produce chips for automotive applications, with General Motors being a key customer, as well as to build a new facility in Malta to produce chips supporting industries such as automotive, aerospace, national security, and AI. They will also upgrade the existing facility in Vermont that produces 200-nanometer chips.

GlobalFoundries stated that they will continue to invest $12 billion over a period of 10 years, creating an additional 1,500 manufacturing jobs and 9,000 related construction jobs throughout the project duration.

TLDR: The US government approved funding for GlobalFoundries to establish chip manufacturing facilities, with additional funding from New York State. The company plans to expand its operations to meet the demand for chips across various industries, investing a total of $12 billion over the next 10 years.