Includes $750M Agreement For Funding From Schumer's CHIPS Act & $750M Private Investment, Boosting Wolfspeed's Ongoing Expansion In Upstate NY And Building A New North Carolina Facility Which Sends Wafers To Oneida County's Marcy Nanocenter To Be Finished, Providing Long Term Work For Mohawk Valley

Wolfspeed Says It Also Plans To Tap Up To Nearly $1 Billion From The CHIPS ITC That Schumer Created To Help Fund Completion Of Mohawk Valley Plant

Schumer: My CHIPS & Science Law Is Bringing Wolfspeed To Front Of The Pack & Helping Mohawk Valley Lead America's Semiconductor Renaissance

U.S. Senate Majority Leader Chuck Schumer today announced Wolfspeed has reached a $750 million preliminary memorandum of terms (PMT) funding agreement under the CHIPS & Science Law he led in writing and passing into law, helping them unlock an additional $750 million in private investment. Wolfspeed also said it plans to tap nearly $1 billion from the CHIPS Investment Tax Credit that Schumer helped create to fund much of the state-of-the-art equipment being installed to complete the expansion their Silicon Carbide Fabrication Facility at Marcy Nanocenter in Oneida County.

Wolfspeed said this massive collective investment will help accelerate their ongoing expansion in the Mohawk Valley and boosting good-paying jobs expected to be created at the Marcy facility. This CHIPS investment will also support Wolfspeed's new North Carolina Siler City facility which is integral to the Mohawk Valley's future as it will send wafers to be finished in NY, creating long term work and future growth opportunities for the Marcy operation.

"Wolfspeed is leading the pack in bringing semiconductor manufacturing back to America. This major multibillion investment powered by my CHIPS & Science Law will accelerate the ongoing expansion in the Mohawk Valley, helping boost hundreds of good paying jobs and providing long term work for the Marcy fab to succeed well into the future," said Senator Schumer. "From electric vehicles to artificial intelligence, so much critical technology relies on the silicon carbide chips that Wolfspeed will manufacture and perfect in the Mohawk Valley. Today's massive investment will make America's economy and our national security stronger as Wolfspeed helps us write the next chapter of America's resurgence as the leader in the semiconductor industry, with the Mohawk Valley as the beating heart."

Schumer explained that Wolfspeed's Mohawk Valley Fab is the largest and one of the only 200mm Silicon Carbide fabrication facilities in the world. Wolfspeed officially opened their new fab in 2022 and is actively expanding with approximately $790 million in additional capital planned investment in the Mohawk Valley which will help support new good paying manufacturing and construction jobs to the region. The proposed CHIPS investment would also support the construction of Wolfspeed's silicon carbide wafer manufacturing facility in North Carolina. Nearly all of the wafers from Wolfspeed's new facility in Siler City, NC are needed and sent to the Mohawk Valley Fab to be finished and this investment is essential to ramp up chip production in New York. The proposed CHIPS funding will support the Mohawk Valley fab to increase its production capacity by approximately 30%.

To achieve this increase in capacity in the Mohawk Valley, Wolfspeed will purchase and install additional tools & equipment in the Mohawk Valley, such as photolithography tools, ion implanters, metal deposition tools, etch systems, automation equipment and more that will be support by the Investment Tax Credit from the CHIPS & Science Law.

The proposed $750 million in CHIPS funding will also help catalyze private capital investment of at least $750 million to support the company's expansion plans. This injection of private capital would not have occurred were it not for the CHIPS and Science Act. Wolfspeed is the world's leading manufacturer of wafers and devices made from silicon carbide, a compound which has favorable chemical and material properties compared to traditional silicon, enabling Wolfspeed's semiconductors to be highly energy-efficient and durable. The silicon carbide devices manufactured by Wolfspeed power electric vehicles (EVs) and plug-in hybrids, enabling extended driving range-per-charge, faster charging times, and lower overall systems costs, they also are vital for artificial intelligence and in military applications critical for national security.

Oneida County Executive Anthony J. Picente Jr. said, "We thank Senator Schumer for securing $750 million in funding for Wolfspeed from his historic CHIPS & Science Law. This transformative investment will accelerate hundreds of good-paying jobs in Oneida County and further elevate our region as a leader in semiconductor production. As Wolfspeed enhances its capabilities, we look forward to the opportunities this brings for our workforce and our future in the Mohawk Valley."

Acting President of Mohawk Valley EDGE Shawna Papale said, "On behalf of Mohawk Valley EDGE, we commend the Department of Commerce for reaching a preliminary agreement with Wolfspeed to leverage more than $2.5 billion of investment including over $750 million in CHIPS Act grant funding. The growth of the Mohawk Valley Fab is hinged on the ability of Siler City to produce 200mm silicon carbide wafers to supply Wolfspeed's Mohawk Valley Fab. Thanks to Senate Majority Leader Schumer, this CHIPs announcement accelerates hiring towards Wolfspeed's job target of over 600 employees and increases production capacity at the Marcy Nanocenter. This was a true collaboration across local, county, State, and Federal officials along with the leadership of Wolfspeed to make the dream of recreating American made manufacturing a reality right here in Oneida County."

Last week, Schumer announced Edwards Vacuum reached a $18 million CHIPS PMT to build its new $300+ million dry pump manufacturing facility for the semiconductor industry, the first of its kind for America, in Western NY. Earlier this year, Schumer also announced that Micron, which plans to invest $100 billion over the next two decades - the largest private investment in New York' s history - reached a $6.1 billion CHIPS PMT funding agreement. In addition, GlobalFoundries in the Capital Region also reached an agreement for $1.5 billion in direct grant funding under his CHIPS & Science Law to support a $12.5 billion public-private investment over the next ten plus years to expand and construct a second, new state-of-the-art computer chip factory in Malta, NY.

Schumer added, "The CHIPS & Science Law keeps helping grow the booming semiconductor industry in Upstate NY. We are seeing more targeted federal investment than ever before to bring back manufacturing, and awards like this show how the I-90 corridor from Buffalo to Syracuse to Utica to Albany truly is becoming America's semiconductor superhighway."

Schumer has long worked to position the Mohawk Valley for semiconductor investment. In addition to his efforts on further recruiting chip suppliers to Marcy Nanocenter, Schumer secured $2 million in U.S. DOL funding for the Workforce Development Board of Herkimer, Madison and Oneida Counties and Mohawk Valley Community College (MVCC) to boost technical training to support the expansion and attraction of the semiconductor industry. Schumer also secured $2 million for MVCC to create a new state-of-the-art semiconductor and advanced manufacturing training center.

Schumer is also actively working with Mohawk Valley EDGE to help lure additional semiconductor and supply chain companies to Marcy Nanocenter which will get a further boost from Wolfspeed and Micron's expansions in the region.

Schumer said, "Marcy Nanocenter is one of the most shovel-ready sites in the whole country and with this investment helping to strengthen Wolfspeed and with Micron rapidly establishing itself in the broader region, I am going all out to land more companies to make the Mohawk Valley a central component of bringing semiconductor manufacturing back to America."

Thanks to Schumer's CHIPS & Science Law, Upstate New York has seen a major revival in tech manufacturing. Micron has announced plans for a historic $100+ billion investment to build a cutting-edge memory fab in Central New York. GlobalFoundries plans to invest over $12 billion to expand and construct a second, new state-of-the-art computer chip factory in the Capital Region. TTM Technologies, a printed circuit board manufacturer, plans to invest up to $130 million to expand their facilities in Onondaga County, creating up to 400 good-paying jobs. Menlo Micro will invest $150 million to build their microchip switch manufacturing facility in Tompkins County, creating over 100 new good-paying jobs. In addition, Upstate New York is home to semiconductor supply chain companies like Corning Incorporated, which manufactures glass critical to the microchip industry at its Canton and Fairport, NY plants. Edwards Vacuum is also moving forward with a $300+ million investment to build a dry pump manufacturing facility in Western New York, creating 600 good-paying jobs to support the growing chip industry in Upstate New York and across the nation.

The PMT outlines key terms for Wolfspeed's CHIPS agreement. To finalize the federal CHIPS agreement, the Commerce Department will now begin a comprehensive due diligence process on the proposed project and other information contained in the application. After satisfactory completion of the due diligence phase, the Commerce Department will finalize the PMT.

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