New CHIPS round for semiconductor supply chain projects under $300 million
New CHIPS Incentives Now Available for Semiconductor Supply Chain Projects below $300 Million
With great anticipation, funding opportunities are now officially available for businesses investing in the semiconductor vertical industry via the CHIPS and Science Act. The new funding will support projects under $300 million that are involved in the construction, expansion, or modernization of commercial facilities in the United States for semiconductor materials and manufacturing equipment.
This latest round announcement is an expansion of the supply chain funding round opportunity released in June 2023 for projects with a total capital investment exceeding $300 million.
Core to the legislation’s “Vision for Success”, the incentives will be leveraged to meet three key goals:
Strengthen the supply chain resilience of the domestic semiconductor industry
Advance the technology leadership of the U.S.
Directly support the ecosystems of U.S. semiconductor fabrication clusters with critical suppliers
Application Process
Eligible businesses pursuing these new incentives under the CHIPS and Science Act will be required to submit applications through a two-step process:
Concept Plan: Applicants will be asked to submit a concept plan describing how their proposed project addresses core strategic objectives, including U.S. economic and national security. Concept plans will be accepted between December 1, 2023, and February 1, 2024.
Full Application: The Department of Commerce will review submitted concept plans and invite the most promising applicants that demonstrate how they advance program priorities to submit a full application for CHIPS incentives. The full application submission dates will be communicated to applicants individually upon notifying them of their advancement.
For more information on the program and future opportunities via the legislation, you can visit www.chips.gov.
Interested in applying or exploring if your business may be eligible for this new exciting opportunity, speak with a CHIPS incentives expert on the Hickey team today!
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