Texas Instruments To Get $1.6 Bln Funding Under CHIPS Act

(RTTNews) - Semiconductor major Texas Instruments Inc. (TXN) Friday said it has signed preliminary agreement with U.S. Department Of Commerce to receive up to $1.6 billion in direct funding through the CHIPS and Science Act for semiconductor manufacturing in Texas and Utah.

The funding would support three 300mm semiconductor wafer fabs under construction in Texas and Utah.

The company also expects to receive an estimated $6 billion to $8 billion from the U.S. Department of Treasury's Investment Tax Credit for qualified U.S. manufacturing investments.

Texas Instruments said it expects that the proposed funding, together with the investment tax credit, would help it to provide 300mm capacity for analog and embedded processing semiconductors.