HP Inc. will receive up to $50 million in proposed direct funding from the CHIPS and Science Act. The company signed a non-binding preliminary memorandum of terms (PMT) with the U.S. Department of Commerce and plans to use the money to support the expansion and modernization of HP’s existing facility in Corvallis, Oregon. The facility is part of HP’s “lab-to-fab” ecosystem, which covers everything from research and development to commercial manufacturing. According to HP, the company’s proficiency in microfluidics and microelectromechanical systems (MEMS) positions HP to drive improved performance and efficiency of semiconductor-based hardware.
What people are saying
In a recent quote, Enrique Lores, President and CEO, HP, said, “This proposed investment provides HP with an opportunity to modernize and expand our facility to further invest in our microfluidics technology, which is the study of the behavior and control of fluid on a microscopic scale. Microfluidics has the potential to drive revolutionary changes across industries, delivering speed, efficiency, and precision, to help pave the way for the next generation of innovation in life sciences and technology. We would like to thank the Biden-Harris Administration and Secretary Raimondo for this proposed investment, as well as the Oregon congressional delegation and state leader for their support and advocacy throughout this process. We look forward to continuing to work to accelerate our innovation in microfluidics and MEMS technology while expanding our manufacturing and R&D capabilities in Corvallis, all made possible by President Biden and Vice President Harris’s CHIPS and Science Act.”
U.S. Secretary of Commerce Gina Raimondo added, “The Biden-Harris Administration’s proposed investment in HP shows how we are investing in every part of the semiconductor supply chain and how important semiconductor technology is to innovation in drug discovery and critical life science equipment. Thanks to President Biden and Vice President Harris’s leadership, the United States will continue leading the world in innovative breakthroughs which all require advanced semiconductor technology while also generating economic opportunity.”
Manufacturers investing in the Pacific Northwest
Collins Aerospace invests $200 million to expand carbon brake manufacturing site in Washington
This additional manufacturing space includes up to three new buildings and additional furnaces.
Sila starts build-out of Washington auto-scale manufacturing plant
The build-out will feature automotive-scale production lines and quality systems.
Micron Technology receives $6.1 billion from CHIPS and Science Act to establish new fabs in New York and Idaho
Micron plans to invest over $100 billion over the next two decades, generating tens of thousands of direct and indirect jobs.
Manufacturers receiving funds from the CHIPS Act
Texas Instruments receives $1.6 billion from CHIPS Act to support wafer fab facilities in Texas and Utah
TI also hopes to receive an additional $6 billion to $8 billion from the U.S. Department of Treasury's Investment Tax Credit.
Rocket Lab receives $23.9 million from CHIPS Act to upgrade New Mexico facility
The company will also receive addition financial assistance and incentives from New Mexico totaling $25.5 million.
Absolics to receive $75 million from the CHIPS Act to support semiconductor manufacturing in Georgia
The company, which is a subsidiary of SKC, manufactures glass substrate, an essential component to produce semiconductors.
Investing in American manufacturing in 2024
This map shows where manufacturers are choosing to invest their resources, whether they are building new production facilities or expanding existing plants.