Texas Tech Firms Score Big in Semiconductor Investments

Lately, two North Texas tech companies have managed to secure a substantial amount of funding. They've bagged over $80 million collectively, thanks to the CHIPS and Science Act. This act aims to boost the semiconductor industry, which is crucial for national security and economy. The funding comes just as President Biden is about to leave office. The Commerce Department announced that Coherent, based in Sherman, will get up to $33 million. X-Fab, headquartered in Germany but with operations in Lubbock, will receive up to $50 million. A third company, SkyWater Technology from Minnesota, will get $16 million. These funds will help the companies grow and improve their facilities, and they're expected to create around 200 new jobs. The investments are part of a broader effort to compete with China and strengthen the U. S. 's position in the semiconductor industry. U. S. Commerce Secretary Gina Raimondo said the investments will help maintain the nation's chip production and secure the supply chain for years. Meanwhile, Senator John Cornyn, one of the CHIPS Act's writers, sees this as a way to reinforce the supply chain and create jobs for Texans. In Sherman, where both Coherent and Globiwafer are based, there's already $1. 8 billion flowing into semiconductor projects. Globiwafer is getting $400 million for a wafer plant, shared with a Minnesota facility. Texas Instruments from Dallas is set to receive $1. 4 billion for two plants under construction in Sherman. As Biden's term nears its end, the administration is speeding up chip-related investments.