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In what might well be a bid to speed up the release of $8.5 billion in federal grants that Intel is slated to receive under the CHIPS Act, the chipmaker has now announced a new spending galore in the US to expand its manufacturing footprint, this time targeting Ohio.
To wit, Intel has revealed that it is earmarking an investment of around $28 billion to construct two new “leading-edge” facilities in Ohio’s Licking County. This constitutes the single largest private-sector investment in Ohio so far.
Of course, this development comes as the Department of Commerce reportedly declined to release federal grants under the CHIPS Act to Intel, as per the reporting by Bloomberg in September. Instead, the department made a counter demand that Intel meet some key milestones first and conduct the requisite due diligence. Bear in mind that Intel is slated to receive $8.5 billion in federal grants and $11 billion in loans under the CHIPS Act.
Meanwhile, as we reported recently, Intel has now officially received the authorization for $3.5 billion in direct funding under the Secure Enclave program of the Department of Defense, which aims to incentivize the manufacturing of advanced semiconductors for strategic defense needs. Moreover, the prominent asset management firm, Apollo Global, is also gearing up to make an “equity-like” investment of up to $5 billion in Intel.
Today’s development comes as Intel has…
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