Money from the CHIPS and Science Act is officially coming to Upstate New York.
GlobalFoundries’ $1.5 billion agreement with the Commerce Department to support expansion plans in Saratoga County and modernization efforts in Vermont has been finalized. The award comes after a Preliminary Memorandum of Terms announced in February.
The award will mainly be used to expand their Malta, New York fab site, adding technology the company already uses in other countries like Germany and Singapore. This will allow them to increase the supply of domestically made computer chips, which are essential in electronic devices from smartphones to aerospace and defense technology.
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