Biden Backs Wolfspeed with $750M for Silicon Chip Plan
Source: Newsweek
Published Oct 15, 2024 at 11:08 AM EDT | Updated Oct 15, 2024 at 7:07 PM EDT
The Biden-Harris administration committed up to $750 million in direct funding to Wolfspeed on Tuesday. Wolfspeed is a North Carolina-based company specializing in silicon carbide technology for advanced computer chips.
The funding will support Wolfspeed's silicon carbide wafer production at its new facilities in North Carolina and Marcy, New York, part of a broader $6 billion expansion that promises to create 2,000 manufacturing jobs.
Wolfspeed's use of silicon carbide enables the computer chips used in electric vehicles and other advanced technologies to be more efficient.
"Artificial intelligence, electric vehicles, and clean energy are technologies that will define the 21st century," said Biden's Secretary of Commerce Gina Raimondo in a statement. "Through investments in companies like Wolfspeed, the Biden-Harris administration is taking a critical step toward reigniting U.S. manufacturing of the chips that underpin these technologies."
Read more: https://www.newsweek.com/biden-administration-wolfspeed-silicon-chips-china-1969137
Link to Department of Commerce PRESS RELEASE - Biden-Harris Administration Announces Preliminary Terms with Wolfspeed to Solidify U.S. Technological Leadership in Silicon Carbide Manufacturing
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