US Invests $120 Million in Chipmaker to Expand Facility in Minnesota
Part of a $52.7 billion Biden administration commitment for semiconductor manufacturing and research.
Funding will increase sensor and power chip production capacity over the next two years.
Highlights the importance of sensor and power chips, especially post-COVID-19.
Investment aims to produce next-generation semiconductors, boosting U.S. manufacturing capacity.
Minnesota will contribute an additional $75 million to the $525 million expansion project.
Highlights the semiconductor industry's importance to state and federal economies.
U.S. private equity firms Niobrara Capital and Prysm Capital plan to invest $175 million to acquire 59%.
Funds aim to ensure a robust domestic supply of essential semiconductor components.
Final grant amounts may change as the Commerce Department completes due diligence.
The $120 million allocation to Polar Semiconductor aims to fortify the U.S. semiconductor supply chain, promote innovation, and enhance national technological autonomy.