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Samsung Electronics Co. (OTCPK:SSNLF) is expected to receive more than $6 billion to help the chipmaker expand beyond an already announced project in Texas.
The money comes from the Chips and Science Act of 2022 and would be be one of several major awards the Commerce Department is expected to announce in the coming weeks, according to a Bloomberg reportt last Thursday, which cited people familiar with the matter.
The Samsung award comes after Bloomberg reported last Friday that chipmaker Taiwan Semiconductor Manufacturing (TSM) appears to be the recipient of a $5 billion federal grant for a chip manufacturing center in Arizona.
The pending announcement for Samsung (OTCPK:SSNLF) represents only a preliminary agreement that could still change, and no final decisions have been made, according to the report.
Last week, Intel (INTC) was named the likely recipient of a $3.5 billion grant from the U.S. government to produce advanced semiconductors for military and intelligence programs.
The money is part of the Chips and Science Act’s larger $39 billion grant pool, which aims to boost semiconductor manufacturing in the U.S.