SK hynix inks US$958 mln worth of subsidy agreement with U.S.: Bloomberg
SK hynix inks US$958 mln worth of subsidy agreement with U.S.: Bloomberg
SEOUL, Dec. 19 (Yonhap) -- South Korea's No. 2 chipmaker has secured a combined subsidy worth US$958 million from the U.S. government under the CHIPS and Science Act, Bloomberg reported Thursday.
According to the report, the subsidy from the Joe Biden administration includes $458 million in grants and $500 million in loans, which will be used for the construction of the firm's new production base in Indiana.
In April, the company announced a plan to invest $4 billion to build a memory packaging plant for artificial intelligence products, and an advanced packaging research and development (R&D) facility in West Lafayette in the U.S. state to produce next-generation memory chips.
The chipmaker and the U.S. Department of Commerce earlier signed "a nonbinding preliminary memorandum of terms" to provide up to $450 million in proposed federal incentives under the act to establish a high-bandwidth memory advanced packaging fabrication and R&D facility.
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