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Major federal investment in GlobalFoundries to boost the region's economy

ESSEX JUNCTION, Vt. (WCAX) – Officials say a major federal investment in GlobalFoundries will not only expand American manufacturing but also boost our region's economy.

Executives from the chipmaker met with Biden administration officials and senior executives in New York on Monday to provide further details on how the $3 billion investment will help build a new facility in New York and key Technologies to be installed at the Malta, New York and Essex, Vermont, intersections.

GlobalFoundries makes chips that are used in everything from your cell phone to military satellites. And company officials say this partnership will pay dividends for years to come.

“We are ushering in a new era of American manufacturing,” said U.S. Commerce Secretary Gina Raimondo, talking about the administration’s investment of $1.5 billion in grants and $1.6 billion in loans into factories from GlobalFoundries in Malta, New York and Essex Junction, Vermont.

“We are seizing the future here in New York State,” said Gov. Kathy Hochul, D-New York.

Hochul praised the grants and loans used to build a new facility in New York and add critical technologies to the Malta and Vermont sites. The upgrades enable the production of next-generation technologies, including gallium nitride.

“Very important for electrification, very important for energy and high-speed communications applications,” said Thomas Caulfield, president and CEO of GlobalFoundries.

Caulfield also praised Vermont and reiterated the company's commitment to the Essex Junction facility.

“This factory has been around for over 60 years, through various ownership changes, but it just shows the resilience of the team and how we can continue to modernize existing facilities and make them relevant to our industry,” Caulfield said.

Funding is all but certain, but Biden administration officials say GlobalFoundries must meet key milestones to secure the $1.5 billion loan. Additionally, the modernization and construction of the facility is expected to be a $12 billion project.

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