Vermont Public reports that the plant in Essex Junction that GlobalFoundries operates is receiving a $30 million federal award, which will help the company to manufacture a new type of semiconductor.
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These chips are used in technologies like smartphones and electric vehicles. GlobalFoundries CEO Tom Caulfield says that the company could further upgrade the plant using money from the CHIPS Act, which was signed by President Biden this year.
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The plant in Essex Junction that GlobalFoundries operates is receiving a $30 million federal award, which will help the company to manufacture a new type of semiconductor. These chips are used in technologies like smartphones and electric vehicles. GlobalFoundries CEO Tom Caulfield says that the company could further upgrade the plant using money from the CHIPS Act, which was signed by President Biden this year.
Caulfield said, “The CHIPS bill will help us modernize, get some upgrades on equipment that will make it more productive... and it creates more output for the factory. It would create more competitiveness," he said. The Biden administration plans to begin distributing money from the CHIPS Act early next year.
This influx of funding comes at a time when Vermont's economy has been struggling due to the pandemic. According to Alan Young, an economist at Vermont Chamber of Commerce, "Manufacturing is a key sector of our economy, and this award will go a long way in helping Vermont stay competitive." He added that "this is great news for Vermont's economy and will help create good-paying jobs."
The state of Vermont is also planning to provide additional funding to support this project. Scott Milne, chairman of the Vermont Economic Progress Council, said that "this project highlights how quickly our state can move when we all work together."
