Microchip Technology awarded $162 million in CHIPS Act funding

Microcontroller manufacturer Microchip Technology is set to receive $162 million in funding from the US CHIPS and Science Act to support an increase in the company’s production of microcontroller units (MCUs) and other technology in the country. 

Ganesh Moorthy, President and CEO of Microchip, said, “The funding Microchip is proposed to receive from the CHIPS and Science Act would be a direct investment to strengthen our national and economic security. As a US-based company, Microchip’s operations will continue to bolster the national semiconductor supply chain, as well as develop and expand our workforce.”

Secretary of Commerce Gina Raimondo added, “One of the objectives of the CHIPS and Science Act is to address the semiconductor supply chain shortages we saw during the pandemic that put our national security at risk and led to furloughed auto workers and higher prices for consumers. Today’s announcement with Microchip is a meaningful step in our efforts to bolster the supply chain for legacy semiconductors that are in everything from cars to washing machines, to missiles.”