HP Inc. (NYSE:HPQ) has signed a preliminary agreement with the U.S. Department of Commerce to receive up to $50 million in proposed direct funding under the CHIPS and Science Act.
The proposed aid is intended to support the expansion and modernization of the HP power plant (HPQ)) existing facility in Corvallis, Oregon, while creating more than 250 manufacturing and construction jobs.
The proposed funding is intended to support, among other things, the production of silicon devices that are key pieces of equipment for life science laboratories used in drug discovery, single-cell research and cell line development.
Leveraging HP’s capabilities in microfluidics and microelectromechanical systems, these devices enable faster, more precise life sciences research and development.
“The Biden-Harris Administration’s proposed investment in HP demonstrates how we are investing in every part of the semiconductor supply chain and how important semiconductor technology is to innovation in drug discovery and critical life science equipment.” he said U.S. Secretary of Commerce Gina Raimondo.
The expansion enabled by the proposed funding will strengthen the lab-to-factory ecosystem the company has established in Corvallis, which is also one of three global Centers of Excellence for Research and Development.
The company’s devices serve essential areas of focus for public health initiatives, the department said, enabling increased operational efficiency for partner institutions including Harvard Medical School, the U.S. Centers for Disease Control and Merck (MCC).
The goal of the CHIPS Act is to boost semiconductor manufacturing and research in the U.S., particularly in the area of advanced semiconductors.
Funding under the act was awarded to several companies, including Intel (INTC), SK hynix, Samsung (OTCPK:SSNLF), Taiwan Semiconductor Manufacturing (TSM), Micron Technology (MU), and Texas Instruments (TXN).
