Biden-Harris Administration Announces Preliminary Terms with Corning and Powerex to Support U.S. Supply Chain Resiliency

"On $11/08/2024", the "U.S. Department of Commerce" issued an update regarding "Biden-Harris Administration Announces Preliminary Terms with Corning and Powerex to Support U.S. Supply Chain Resiliency". The Biden-Harris Administration announced preliminary memoranda of terms (PMT) with Corning and Powerex, totaling up to $35 million in proposed direct funding to support the expansion of their manufacturing facilities in New York and Pennsylvania. Corning's PMT would enable the company to increase production of key components for U.S. semiconductor manufacturing, while Powerex's investment would modernize its production facility and enhance its capacity for defense and commercial applications. The projects are expected to create over 205 jobs, including 130 manufacturing positions at Corning and 55 at Powerex, as well as construction jobs in both locations. This funding is part of the CHIPS and Science Act, a bipartisan bill aimed at revitalizing the U.S. semiconductor supply chain and advancing domestic production capacity.