$450M of additional funding for Chip Plant in Indiana

CHIP and Science Act made a decision to support the Korean semiconductor industry so the company will receive $450M for their construction needs. The fabrication and research building will be located in West Lafayette, Indiana.

The funding for SK Hynix was given by the Commerce Department. This facility will mainly oriented on the production of the high-bandwidth memory chips that are extremely necessary for dealing with huge data volumes.

The facility that has such a level of financial support will influence the whole industry through the production of really powerful chips. These chips are needed for Artificial Intelligence and high-performance computing purposes. As for some characteristics of the products, they can process almost 1.18 terabytes of information per sec.

According to the plans of construction completion, the plant will start to function in 2028. In addition to the job opportunities that this construction will create in the area, the plan will offer an average of 1,000 new jobs once the construction is finished.

Except for the direct funding, the Korean company also can get loans for $500M.