Federal Government Invests $1.5 Billion in Malta-Based GlobalFoundries
MALTA — The U.S. Department of Commerce announced on Monday that it would send $1.5 billion in funds to GlobalFoundries, a semiconductor manufacturer headquartered in Malta. The investment is part of the CHIPS and Science Act, which was signed into law by President Joe Biden in August of 2022. GlobalFoundries will use the funds to expand its existing facility in Malta, build a new microchip fabrication plant in Malta, and modernize its facility in Vermont.
In support of the two Malta projects, Governor Kathy Hochul also announced $575 million in direct funding for New York State Green CHIPS. Additional $15 million and $30 million investments are planned for workforce development activities, as well as infrastructure upgrades and energy initiatives, respectively.
All told, GlobalFoundries estimates that these investments will create more than 1,500 manufacturing jobs, and about 9,000 construction jobs.
“These proposed investments, along with the investment tax credit (ITC) for semiconductor manufacturing, are central to the next chapter of the GlobalFoundries story and our industry,” said Dr. Thomas Caulfield, president and CEO of GlobalFoundries, in a statement. “They will also play an important role in making the U.S. semiconductor ecosystem more globally competitive and resilient, and cement the New York Capital Region as a global semiconductor hub.”
“The awards have a targeted focus on workforce development, which ensures that the people who live in our region will be trained and connected to good-paying careers in manufacturing,” said Mark Eagan, CEO and president of the Center for Economic Growth and the Capital Region Chamber. “This announcement marks an exciting chapter in our region’s future; one that builds on an already strong foundation to propel us further into global leadership.”
GlobalFoundries is the third-biggest semiconductor foundry in the world. In 2021, it moved its global headquarters from Santa Clara, California to Malta, New York. Its campus is located at 400 Stone Break Rd Extension.