Official announcement from Polar Semiconductor or financial news sources

Biden Administration Finalizes $123 Million CHIPS Act Award to Minnesota's Polar Semiconductor

Sep 24, 2024, 09:23 AM

The Biden administration has finalized its first binding award under the Chips and Science Act, granting $123 million to Polar Semiconductor. This award, part of the U.S. Commerce Department's $52.7 billion CHIPS fund, aims to boost semiconductor production in the United States. Polar Semiconductor, based in Minnesota, will use the funds to expand its plant, transitioning to a majority U.S.-owned foundry. The investment is expected to nearly double the U.S. production capacity of sensor and power chips at the Bloomington, Minnesota facility. Additionally, Polar Semiconductor has secured $175 million in equity financing.