US awards $120 million to Polar Semiconductor to expand chip facility
Federal officials will provide up to $120 million in grants to Polar Semiconductor to help the company expand its chip manufacturing plant in Minnesota, the Biden administration announced Monday, the latest in a series of awards intended to strengthen the US supply of semiconductors.Commerce Department officials said the grant would help Polar upgrade technology and double production capacity at its facility in Bloomington, Minnesota, within two years. The company makes chips critical to automobiles, defense systems and power grids, federal officials said.“We're making taxpayer money go as far as possible by crowding in private and state investment to create jobs, protect our supply chains and strengthen manufacturing in Minnesota,” said Laurie Locascio, Under Secretary of Commerce fo...