HP Inc. (NYSE: HPQ) has signed a preliminary agreement with the U.S. Department of Commerce to receive up to $50 million in direct funding under the CHIPS and Science Act.
The proposed aid would support the expansion and modernisation of HPs (HPQ) existing facility in Corvallis, Oregon, while creating over 250 manufacturing and construction jobs.
The proposed funding will, among other things, support the production of silicon devices, which are central components of laboratory equipment in the life sciences and are used in drug discovery, single-cell research and cell line development.
Leveraging HP’s capabilities in microfluidics and microelectromechanical systems, these devices enable greater speed and precision in life sciences research and development.
“The Biden-Harris administration’s proposed investment in HP demonstrates how we are investing in every part of the semiconductor supply chain and how important semiconductor technology is for innovations in drug discovery and critical life science equipment,” said U.S. Secretary of Commerce Gina Raimondo.
The expansion enabled by the proposed funds would strengthen the lab-to-fab ecosystem the company has built in Corvallis, which also serves as one of three R&D centers of excellence within its global footprint.
The company’s devices covered key focus areas for public health initiatives, the ministry said, and enabled performance improvements for partner institutions such as Harvard Medical School, the US Center for Disease Control and Merck (MRK).
Funding from the CHIPS Act aims to advance semiconductor manufacturing and research in the United States, particularly in the area of advanced semiconductors.
Several companies, including Intel (INTC), SK hynix, Samsung (OTCPK:SSNLF), Taiwan Semiconductor Manufacturing (TSM), Micron Technology (MU), and Texas Instruments (TXN), received funds under this law.
