Today, the Biden-Harris Administration announced that the U.S. Department of Commerce and Wolfspeed, Inc. have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $750 million in proposed direct funding under the CHIPS and Science Act. The proposed funding would support the construction of a new silicon carbide wafer manufacturing facility in Siler City, North Carolina, helping to secure a reliable domestic supply of the semiconductors that will underpin the future energy economy and AI boom.

President Biden and Vice President Harris championed the CHIPS and Science Act, a key component of the Administration’s Investing in America agenda, to usher in a new era of semiconductor manufacturing in the United States, bringing with it a revitalized domestic supply chain, good-paying jobs, and investments in the industries of the future. In addition to Wolfspeed’s North Carolina project, the proposed CHIPS investment is expected to catalyze its planned expansion of its device manufacturing facility in Marcy, New York. The projects together are estimated to create over 2,000 manufacturing jobs and 3,000 construction jobs and are part of the company’s previously announced more than $6 billion capacity expansion plan. 

Read more at the U.S. Department of Commerce’s official website.

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