Biden-Harris Administration awards SK hynix $458m

The Biden-Harris Administration awarded SK hynix up to $458 million in direct funding under the CHIPS Incentives Programme for Commercial Fabrication Facilities, according to its statement on Thursday.

The award follows the preliminary memorandum of terms signed on August 6, 2024, and the department’s due diligence.

SK hynix will invest around $3.87 billion in West Lafayette, Indiana, to construct a memory packaging plant for AI products and an advanced packaging fabrication and R&D facility, addressing a key need in the US semiconductor supply chain.

By investing in companies like SK hynix and communities like West Lafayette, the bipartisan CHIPS and Science Act continues to supercharge America’s global technology leadership,” said US Secretary of Commerce Gina Raimondo.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama