Minnesota tech business receives $35 million in state, federal funds

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Source : (remove) : Duluth News Tribune
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Mon, December 9, 2024

[ Mon, Dec 09th 2024 ]: Duluth News Tribune
Category: Science and Technology

//science-technology.news-articles.net/content/2 .. -receives-35-million-in-state-federal-funds.html

Published in Science and Technology on Monday, December 9th 2024 at 13:42 GMT by Duluth News Tribune
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SkyWater, a semiconductor production business in Bloomington, is the recipient of investments from Minnesota Gov. Tim Walz and President Joe Biden.

SkyWater Technology, a semiconductor manufacturer based in Bloomington, Minnesota, has been awarded a total of $35 million in state and federal funds to expand its operations. This funding includes $15 million from the Minnesota Forward Fund, aimed at supporting high-growth industries, and an additional $20 million from the U.S. Department of Defense. The investment is part of a broader initiative to bolster domestic semiconductor production, enhancing national security and economic resilience. SkyWater plans to use these funds to increase its production capacity, particularly for advanced technology nodes, and to support research and development in areas critical to defense and commercial applications. This move is expected to create jobs, stimulate economic growth in the region, and reduce reliance on foreign semiconductor supply chains.

Read the Full Duluth News Tribune Article at:
[ https://www.duluthnewstribune.com/news/minnesota/minnesotas-skywater-technology-awarded-35-million-in-state-and-federal-funds ]

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