SkyWater Technology (SKYT) said Friday it signed a preliminary memorandum of terms for up to $16 million in funding from the US Department of Commerce CHIPS for America program
The financing would provide federal incentives to improve production capabilities at SkyWater's Minnesota facility for the aerospace, defense, biomedical, industrial, thermal imaging, and quantum computing markets, the semiconductor company said.
The company said the proposed $16 million CHIPS award will be combined with $19 million from the State of Minnesota's Forward Fund as well as customer-funded co-investments of $320 million through 2026.
The company said it plans to use the funds, along with tax credits, to increase its U.S.-based 200 millimeter semiconductor technology development and production capacity by 30%, to modernize its facility, speed technology development, and accelerate time to market for customers.
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