A Golden Opportunity for American Manufacturing
CHIPS Act Funding: Semiconductor Supply Chain Funding Round Now Open
As part of the CHIPS and Science Act landmark legislation, the U.S. Department of Commerce is now accepting pre-applications for companies investing in materials and/or manufacturing equipment facilities related to the semiconductor industry. The first round of this new funding will be targeting large-scale projects of at least $300 million for the construction, expansion, or modernization of eligible facilities.
Per the CHIPS Program Office’s “Vision for Success”, the primary mission of this program will be to:
Strengthen supply chain resilience
Advance U.S. technology leadership
Support vibrant U.S. fab clusters
Prospective applicants for the funding may submit pre-applications on a rolling basis, which commenced on September 1, 2023, and full applications beginning on October 23, 2023. Similar to the initial Notice of Funding Opportunity for commercial fabrication facilities, the five-part application process will be:
Statement of interest
Pre-application (optional but recommended)
Full application
Due diligence
Award preparation and issuance
Funding will be evaluated on several core factors, including:
Economic and national security objectives
Commercial viability
Financial strength
Project technical feasibility and readiness
Workforce development
Broader impacts on community + economy
Soon to follow later in 2023, the Department of Commerce is expected to release a similar announcement for smaller projects with capital investment under $300 million. Additional details regarding the application process will be available at that time.
If you’re business is planning to make significant capital investments in the overall supply chain of the growing semiconductor industry, the time is now to act. Contact CHIPS Act experts on the Hickey team to begin your path to securing these funds today.
Secure your future. Start today.