The Department of Commerce and Microchip Technology Inc. have reached a non-binding preliminary memorandum of terms (PMT) to provide approximately $162 million in federal incentives under the CHIPS and Science Act to support the onshoring of the company’s semiconductor supply chain.
Microchip’s microcontroller units and mature-node semiconductors are critical components in the production and manufacturing of electric vehicles and other automotives, washing machines, cell phones, airplanes, and the defense-industrial base. Shortages of microcontrollers during the pandemic affected over 1% of global GDP.
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