Federal officials will provide up to $120 million in grants to Polar Semiconductor to help the company expand its chip manufacturing facility in Minnesota, the Biden administration announced on Monday, the latest in a string of awards meant to strengthen the U.S. supply of semiconductors.
Commerce Department officials said the grant would help Polar upgrade technology and double production capacity at its facility in Bloomington, Minn., within two years.
The company produces chips that are critical for cars, defense systems and electrical grids, federal officials said.
“We are making taxpayer dollars go as far as possible while crowding in private and state investment to create jobs, secure our supply chains and bolster manufacturing in Minnesota,” said Laurie Locascio, the under secretary of commerce for standards and technology.
The law gave the Commerce Department $39 billion to distribute to companies to incentivize the construction and expansion of new plants in the United States.
Persons:
Biden, ”, Laurie Locascio
Organizations:
Polar Semiconductor, Commerce, Commerce Department
Locations:
Minnesota, Bloomington, Minn, United States