05:29 AM EST, 11/26/2024 (MT Newswires) -- Intel ( INTC ) and the US Department of Commerce said Tuesday they have reached an agreement to award the semiconductor producer up to $7.86 billion in direct funding under the US CHIPS and Science Act.

The funding is in addition to the $3 billion contract awarded to Intel ( INTC ) for the Secure Enclave program, the company added.

The award will support Intel's ( INTC ) plans for its semiconductor manufacturing and advanced packaging projects at its sites in Arizona, New Mexico, Ohio and Oregon, the parties said.