Biden-Harris Administration Announces Preliminary Terms with Corning and Powerex to Support U.S. Supply Chain Resiliency
Summary
The proposed investment in Powerex would support the modernization and expansion of the companys back-end production facility in Youngwood, Pennsylvania, and is expected to create over 55 manufacturing jobs and up to 20 construction jobs.Because of the Biden-Harris Administrations bipartisan CHIPS and Science Act, we are making targeted proposed investments across the semiconductor supply chain that are driving the revitalization of this industry in America, said U.S. Secretary of Commerce Gina Raimondo. This proposed investment and the continued commitment in Canton will enable us to establish the next-generation manufacturing capabilities needed to produce vital materials for lithography tools that will develop the worlds most complex microchips, strengthening our commitment to advancing semiconductor technology and job creation in the United States.Were grateful for the Department of Commerces proposed support through the CHIPS and Science Act, which would enable small companies like ours to invest in modern equipment and expand production. With this proposed funding, well enhance our production capabilities and create new jobs, providing growth and advancement opportunities for our employees, said Powerex CEO Joseph Wolf. Powerex plays an important role in supporting U.S. Department of Defense programs, with over half of our power module production dedicated to military applications. After a PMT is signed, the Department of Commerce begins a comprehensive due diligence process on the proposed projects and continues negotiating or refining certain terms with the applicant.