US to provide $50M funding to HP for chip facility in Oregon

By Ovunc Kutlu

ISTANBUL (AA) - The US will provide up to $50 million direct funding to American tech firm Hewlett-Packard, known as HP, to support the expansion and modernization of its existing facility in Oregon, according to a statement on Tuesday.

The Commerce Department said it has signed a non-binding preliminary memorandum of terms with HP under the CHIPS and Science Act.

The facility in Corvallis in the state of Oregon is part of the company’s "lab-to-fab" ecosystem in the region that includes research and development activities and commercial manufacturing operations, it added.

"The Biden-Harris Administration’s proposed investment in HP shows 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," Commerce Secretary Gina Raimondo said in the statement.

The CHIPS and Science Act was signed into law by Biden in August 2022. It sets aside $52.7 billion to increase production of US-made semiconductors, address supply chain vulnerabilities by producing more goods in the US, and bolster domestic scientific research.