Biden Administration's $162 Million Funding Boosts Microchip Technology in Colorado and Oregon

Event information

- The Biden administration awarded $162 million from the CHIPS and Science Act to Microchip Technology for expansion in Oregon and Colorado. - The funding aims to triple the company's production capacity and create over 700 jobs. - Microchip Technology produces components crucial for consumer and defense products like electric vehicles, smart devices, and medical equipment. - The fund distribution includes $90 million for a Colorado plant and $72 million for an ongoing $800 million expansion in Oregon. - This funding is part of efforts to strengthen U.S. semiconductor manufacturing and reduce reliance on foreign suppliers. Additional information on <Source>