On May 14, 2024, the U.S. Federal Government announced it would grant up to $120 million in direct subsidies to Polar Semiconductor, a high-voltage semiconductor wafer foundry based in Minnesota.
This initiative is part of the “Chips and Science Act” aimed at bolstering domestic semiconductor production.
Polar Semiconductor specializes in automotive-grade chip manufacturing, offering products that span analog chips, power semiconductors, and sensors.
Beyond federal funding, Polar will also receive a $75 million investment from the state of Minnesota.
The company plans to invest at least $525 million over the next two years to double the production capacity of its 8-inch wafer plant in Bloomington, Minnesota, to about 40,000 wafers per month.
The expansion will incorporate advanced automation and AI technologies to modernize the facility.
This investment is expected to enhance Polar’s supply capabilities to critical U.S. sectors such as automotive, aerospace, and healthcare, and create no fewer than 160 direct jobs in the area.
Surya Iyer, President and COO of Polar Semiconductor expressed enthusiasm about the historic investment in Minnesota’s semiconductor manufacturing, emphasizing the expanded production capabilities and entry into innovative technologies to serve new customers and markets.
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