US confirms $35m investment in BAE Systems' chip making
The Biden administration has made its first federal investment in domestic computer chip production, pledging USD 35 million to BAE Systems.
It says the cash will help BAE to increase production of chip products at its New Hampshire factory. BAE supplies chips for military aircraft, including F-15 and F-35 jets, as well as satellites and other defence systems.
The funding comes from the US's CHIPS and Science Act – a USD 39 billion fund to boost the domestic semiconductor sector and reduce the US's reliance on overseas suppliers. It is the first of several grants expected in the coming months.
“Over the coming year, the Department of Commerce will award billions more to make more semiconductors in America, invest in research and development capabilities to keep America at the forefront of new technologies,” said US President Biden in a statement.