Biden-Harris Administration Announces Preliminary Terms with HP to Support Development and Commercialization of Cutting-Edge Semiconductor Technologies

Today, the Biden-Harris Administration announced that the Department of Commerce and HP Inc. have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $50 million in proposed direct funding under the CHIPS and Science Act. The proposed funding would support the expansion and modernization of HP’s existing facility in Corvallis, Oregon, which is part of the company’s “lab-to-fab” ecosystem in the region that spans from research and development (“R&D”) activities to commercial manufacturing operations. President Biden and Vice President Harris championed the CHIPS and Science Act, a key component of the Investing in America agenda, to usher in a new era of semiconductor manufacturing in the United States, bringing with it a revitalized domestic supply chain, good-paying jobs, and investments in the industries of the future. Through this proposed investment, the Biden-Harris Administration would enhance U.S. technological leadership by driving innovation of groundbreaking semiconductor technologies that serve important end markets, notably including life sciences instrumentation and technology hardware used in artificial intelligence applications.