06:16 AM EDT, 08/16/2024 (MT Newswires) -- Texas Instruments ( TXN ) signed a non-binding preliminary memorandum of terms with the US Department of Commerce for up to $1.6 billion in proposed direct funding to support three 300mm wafer fabs that the company is building in Texas and Utah.

The proposed funding is under the government's CHIPS and Science Act, according to the statement. Texas Instruments ( TXN ) said it also expects to receive $6 billion to $8 billion from the US Department of Treasury's Investment Tax Credit for its qualified manufacturing investments in the country.

In addition, Texas Instruments ( TXN ) said it expects to receive $10 million in proposed funding for workforce development as it expects to create over 2,000 across its three new fabs in Texas and Utah.

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