More than two years after President Joe Biden signed the CHIPS Act into law, federal dollars are headed to Ohio, where they'll support Intel's new chip plants in New Albany.
The Biden Administration on Tuesday released $7.865 billion in funding for Intel as part of its CHIPS Incentives Program. The New Albany project will receive $1.5 billion in direct funding, according to the U.S. Department of Commerce.
"We have beenwaiting for over two years to begin seeing those dollars flow to this project, and now that Intel is receiving this money,it can help solidify and pick up the pace," Husted told The Dispatch. "It moves us another step toward our goal."
Tuesday's announcement came a day after The New York Times first reported that theU.S. government planned to reduce Intel's $8.5 billion grant to less than $8 billion,citing a $3 billion contract Intel had been offered to make chips for the Pentagon.
While Husted said Tuesday's announcement was good news, he said he was disappointed Intel did not get the full amount and that companies based outside the U.S. received significant funding form the CHIPS Act.
I do think Intel was merited the full amount, and it was unfortunate to see that it did not get that," Husted said. "But we're moving forward. (Tuesday's announcement) is good news for the future of fabs in Ohio."
Along with federal funding, Intel is also collecting more than $2 billion in incentives from the state and New Albany.
Intel is ridiculous!! Their corporate leadership failed them. Bad decisions lack of investment in R&D and all the stock buy backs caused them to lose the chip race to TSMC and now the American tax payer has to subsidize this terrible company because chips are the number one commodity for the military industrial complex is just sickening .