Polar Semiconductor has unveiled plans to double its semiconductor manufacturing capacity and expand its Bloomington, Minnesota-based plant as part of a $525m investment.
The US semiconductor manufacturing firm has signed an initial non-binding agreement with the Department of Commerce. Under the deal, Polar would get $120m in direct funding from the US CHIPS and Science Act, and an additional $75m from the State of Minnesota.
Polar has also signed a deal through which Niobrara Capital and Prysm Capital will lead a $175m equity investment. This investment will help Polar transition to a US-owned merchant foundry.
Surya Iyer, President and Chief Operating Officer of Polar Semiconductor, said the expanding manufacturing facility will allow the company to branch into new innovative technologies to serve new customers and markets.
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