iDEAL Semiconductor expands R&D activities in Pennsylvania
iDEAL Semiconductor Devices, a fabless semiconductor company, plans to expand its technology R&D and create at least 63 new, high-paying jobs in the Lehigh Valley, Pennsylvania.
“This is exactly the type of project my administration is proud to invest in – it’s a big win for Bethlehem, the Lehigh Valley, and the entire commonwealth,” says Pennsylvania Governor Tom Wolf, in a press release. “I recently joined President Biden at the White House for the signing of the new CHIPS and Science Act. Our timely support of iDEAL Semiconductor’s growth and the work they will continue to do helps ensure Pennsylvania and the U.S. advances its scientific and technological edge.”
iDEAL Semiconductor is taking its technology to full production this year and requires additional space to accommodate its engineering and research and development personnel.
“Decades ago, Pennsylvania was home to the world’s first semiconductor production line; the expansion of iDEAL Semiconductor plays an important role in showcasing the scientific and technological innovation possibilities for the state and country,” said Mark Granahan, co-founder and CEO of iDEAL Semiconductor. “We look forward to working with the state to aggressively pursue CHIPS and Science Act funding as investment into companies such as iDEAL Semiconductor will ensure that the U.S. remains competitive in a sector it conceived long ago.”
As part of the expansion, the company plans to increase its footprint at Ben Franklin Technology Partners of Northeastern Pennsylvania by 15,000 square feet.
The company received a funding proposal from DCED for a USD 1.4 million Pennsylvania Industrial Development Authority (PIDA) loan, a USD 338,000 Pennsylvania First grant and is encouraged to apply for the department’s Manufacturing Tax Credit and Research and Development Tax Credit programs.
iDEAL Semiconductor has committed to investing USD 3.4 million into the project, creating 63 new jobs, and retaining its existing statewide jobs over the next three years.