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GlobalFoundries' poised to get final Chips Act award - source
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GlobalFoundries' poised to get final Chips Act award - source
Nov 9, 2024 11:47 AM

WASHINGTON, Nov 6 (Reuters) - GlobalFoundries ( GFS )

and at least two other chipmakers are poised to receive their

final Chips and Science Act awards from the Biden

administration, a person briefed on the matter said, a sign of

progress amid growing concerns about the pace of the award

rollout.

The U.S. Commerce Department notified Congress at least

three companies are close to receiving a final award, the person

and another source said. The Commerce Secretary must notify

appropriate committees at least 15 days before making any deal

over $10,000,000.

Reuters could not determine the timing of the award

announcement or the exact amount, though it is expected to be

close to the initial sum.

A preliminary agreement was announced by the Commerce

Department in February to award $1.5 billion to GlobalFoundries ( GFS )

to build a new semiconductor production facility in Malta, New

York, and expand existing operations there and in Burlington,

Vermont.

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