SkyWater Technology has signed a preliminary memorandum of terms valued at up to $16M with the CHIPS for America program, administered by the U.S. Department of Commerce. The funding will enhance production capabilities at SkyWater’s Minnesota facility, benefiting customers in aerospace, defense, biomedical, industrial, thermal imaging, and quantum computing markets. The $16M CHIPS Program award will be combined with $19M from Minnesota’s Forward Fund. This, along with customer-funded investments, will bring total outside investment to over $350M. SkyWater will also utilize the Advanced Manufacturing Investment Tax Credit. Through the funding, SkyWater expects to increase capacity by 30%, create 70 jobs, modernize its facility, ensure a consistent supply of silicon, and accelerate technology development. This news was first reported by TheFly, a source for real-time financial news.
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Photo credit finance.yahoo.com
SkyWater Technology secures $16 million Public-Private Partnership agreement with CHIPS for America program.
