President Biden and Intel CEO Pat Gelsinger arrive at a groundbreaking for a semiconductor manufacturing facility near New Albany, Ohio, in 2022. Photo: Gaelen Morse/Bloomberg via Getty Images
Intel was awarded $20 billion in federal grants and loans today to expand its semiconductor production, Axios' Hans Nichols writes.
Why it matters: It's the biggest award in the $52 billion Chips and Science Act President Biden signed into law in 2022.
By the numbers: In addition to the $8.5 billion in grants, Intel is eligible for up to $11 billion in loans from the Commerce Department.
Those awards, along with a separate tax credit from the Treasury Department, will lead to an estimated $100 billion in private investment from Intel.
The administration expects Intel will use the money to help build or expand facilities in Arizona, Ohio, New Mexico and Oregon and help add a total of 30,000 new jobs.
