MILPITAS, Calif. - May 13, 2024 - SEMI , the industry association serving the global semiconductor and electronics design and manufacturing supply chain, today applauded the United States Department of Commerce ’s announcement of a Preliminary Memorandum of Terms for an award under the CHIPS and Science Act to support the expansion and modernization of Polar Semiconductor’s fab in Minnesota. The award includes up to $120 million in grants and an investment tax credit to double the foundry’s production capacity for its customers’ sensor and power chips within two years. The project is expected to create more than 160 jobs.
“SEMI applauds the U.S. Department of Commerce for its continued investments to fortify the domestic semiconductor supply chain,” said Joe Stockunas, president of SEMI Americas. “This proposed CHIPS Act funding for Polar Semiconductor is part of more than $525 million in investments by the company and state, local and private entities to help meet growing demand for sensor and power chips used in a diverse range of applications and markets – from automotive and home appliances to industrial robotics.
We congratulate the company on this important step forward for its foundry business.” As a member of the SEMI Supply Chain Management Initiative and Fab Owners Alliance , Polar Semiconductor collaborates with SEMI members worldwide to advance the global semiconductor industry. Visit SEMI Global Advocacy to learn more about public policy efforts and developments, and SEMI Workforce Development for more information on efforts to address the microelectronics industry’s talent needs.
About SEMI
SEMI is the global industry association connecting over 3,000 member companies and 1.5 million professionals worldwide across the semiconductor and electronics design and manufacturing supply chain. We accelerate member collaboration on solutions to top industry challenges through Advocacy, Workforce Development, Sustainability, Supply Chain Management and other programs. Our SEMICON expositions and events, technology communities, standards and market intelligence help advance our members’ business growth and innovations in design, devices, equipment, materials, services and software, enabling smarter, faster, more secure electronics.