Summary: Microchip, a leading semiconductor producer, has secured $90 million in funding to modernize and expand its fabrication facility in Colorado Springs. The investment, made possible through the CHIPS and Science Act, marks the largest federal investment in CHIPS manufacturing to date. The expansion is expected to triple the company’s production capacity and create 400 new jobs in the region.
Microchip, a U.S.-headquartered multinational company, serves a wide range of industries. With this investment, the company aims to increase its production of microcontroller units (MCUs) and other semiconductors crucial for defense, aerospace, automotive, commercial, and industrial applications. The expansion of the Colorado Springs facility, combined with an expansion in Gresham, Oregon, will significantly boost Microchip’s semiconductor output.
Acknowledging Colorado’s leadership in the semiconductor industry, Governor Jared Polis expressed pride in having companies like Microchip expanding in the state. He applauded the federal government’s commitment to investing in the cutting-edge industry and emphasized the positive impact of the partnership on Colorado’s semiconductor sector.
Ganesh Moorthy, president and CEO of Microchip Technology, highlighted the support received from local and state officials, as well as organizations like the Colorado Springs Chamber of Commerce and the Colorado Office of Economic Development and International Trade. He credited their collaboration in bringing the proposal to fruition.
The expansion in Colorado Springs will involve the expansion of several product lines to three to seven times their current capacity. It is projected to result in the creation of 400 new jobs with an average annual wage exceeding the county average.
Microchip’s project was the first to be approved for state incentives under Colorado’s CHIPS Refundable Tax Credit Program. The program aims to help Colorado companies secure federal funding available through the CHIPS and Science Act, supporting the development of the semiconductor and advanced manufacturing industries within the state.
The investment in Microchip reflects Colorado’s position as a top state for semiconductors. With a strong semiconductor industry ecosystem, the state is well-equipped to support the growth of such companies. The funding received by Microchip aligns with Colorado’s focus on advanced industries and emerging technologies.
About Colorado Office of Economic Development and International Trade: The Colorado Office of Economic Development and International Trade (OEDIT) collaborates with partners to create a conducive business climate that promotes economic development and job growth in the state. Through various programs and services, OEDIT supports business development at all levels and aims to advance Colorado’s economy through financial and technical assistance.
The source of the article is from the blog xn--campiahoy-p6a.es