The expansion is expected to triple the capacity of GlobalFoundries' Malta campus within the next decade, boosting wafer production to 1 million annually across its facilities. The company also plans to invest more than $12 billion into its sites over the coming decade, with support from New York in the form of $575 million in performance-based Green CHIPS tax credits and a minimum investment of $30 million from the New York Power Authority. The initiatives are expected to generate around 1,500 manufacturing roles and approximately 9,000 construction jobs over the next decade.
Key takeaways:
- GlobalFoundries has obtained $1.5 billion in funding through the CHIPS Act for its expansion initiatives in the United States, with plans to enhance production capabilities for the automotive, aerospace, and AI sectors.
- The company will also leverage an additional $1.6 billion in loans from the CHIPS Program Office to fund three projects aimed at advancing semiconductor production, including the construction of a new fabrication facility in Malta, New York.
- GlobalFoundries plans to inject more than $12 billion into its sites over the coming decade, with support from New York through $575 million in performance-based Green CHIPS tax credits and a minimum investment of $30 million from the New York Power Authority.
- The initiatives are expected to generate approximately 1,500 manufacturing roles and around 9,000 jobs in construction over the next decade, offering equitable wages and inclusive benefits.