Samsung Electronics will receive up to $6.4 billion in direct funding under the CHIPS and Science Act.
Takeaway Points
- Samsung Electronics will receive up to $6.4 billion in direct funding under the CHIPS and Science Act.
- They welcomed U.S. Secretary of Commerce Gina Raimondo to their new semiconductor manufacturing facility in Taylor, Texas, at an event.
- Samsung Semiconductor has invested $18 billion in operating two fabs at its Austin, Texas, campus.
$6.4 billion direct funding under the CHIPS and Science Act.
Samsung Electronics said in a blog post on Monday that it’s receiving up to $6.4 billion in direct funding under the Chips and Science Act. They welcomed U.S. Secretary of Commerce Gina Raimondo to their new semiconductor manufacturing facility in Taylor, Texas, at an event.
Samsung Semiconductor CEO Kye Hyun Kyung said that they are strengthening the local semiconductor ecosystem and positioning the U.S. as a global semiconductor manufacturing destination.
“We’re not just expanding production facilities; we’re strengthening the local semiconductor ecosystem and positioning the U.S. as a global semiconductor manufacturing destination. To meet the expected surge in demand from U.S. customers, for future products like AI chips, our fabs will be equipped for cutting-edge process technologies and help bring security to the U.S. semiconductor supply chain,” said Kyung.
He also said, “We sincerely thank President Biden, Secretary Raimondo, and the Department of Commerce for the proactive support and assistance, and the Members of Congress who made this moment possible. We would like to express our sincere gratitude to Governor Abbott and the Texas state government, as well as Williamson County, the City of Taylor, the City of Austin, and the local communities for their unwavering support. We are grateful to our customers and suppliers for their continuous trust and partnership. And last but not least, we would like to thank our more than 20,000 – and growing – U.S. employees, who will continue to drive our success in America.”
Samsung Semiconductor CEO Kye Hyun Kyung and Secretary Raimondo held a celebration of the investment, which will enable Samsung to further expand in Central Texas and create new manufacturing capacity and capabilities for essential chips for the automotive, consumer technology, IoT, aerospace, and other vital industries.
About Samsung in Texas
According to Samsung, it has been in Texas for nearly 30 years, and since 1996, Samsung Semiconductor has invested $18 billion in operating two fabs at its Austin, Texas, campus, making it one of the largest direct foreign investments in United States history. In 2021, Samsung announced an expansion into Taylor with a minimum of $17 billion to construct a new semiconductor manufacturing facility. With the addition of investment through the CHIPS and Science Act, Samsung is expected to invest more than $40B in the region in the coming years as one of the largest foreign direct investments for a greenfield project in United States history, transforming the small municipality of Taylor, Texas, into an expansive hub of leading-edge U.S. semiconductor manufacturing.
Samsung Electronics’ acquisition of $6.4 billion in funding marks a pivotal moment in its trajectory, propelling the company towards further innovation and growth in the dynamic tech landscape. This substantial investment not only fortifies Samsung’s financial standing but also positions it strategically to expand its market presence and accelerate developments in key sectors such as consumer electronics, semiconductors, and emerging technologies.
