SkyWater Technology signed a preliminary memorandum of terms (PMT) for up to $16 million with the CHIPS for America program. This federal funding aims to enhance production capabilities at SkyWater’s Minnesota facility.
The proposed $16 million CHIPS Program award will be combined with $19 million in incentives from the State of Minnesota’s Forward Fund, totaling $35 million in government support. These incentives complement $320 million in existing and planned customer-funded CapEx co-investments through 2026.
The funding is expected to accelerate modernization and equipment upgrades, increasing U.S.-based 200-millimeter semiconductor technology development and production capacity by 30%. This initiative is projected to create approximately 70 new jobs.
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