"The Department of Commerce has reached a preliminary agreement with Intel to provide up to $8.5 billion in direct funding along with $11 billion in loans under the CHIPS and Science Act," the statement read.
Under Joe Biden's administration plan, the funding will help Intel build and expand semiconductor facilities in Arizona, Ohio, New Mexico and Oregon, creating nearly 30,000 jobs, bolstering US supply chains and protecting national security.
The latest pledge is the fourth and largest made under the August 2022 CHIPS and Science Act. It comes on top of $1.5 billion in funding promised to chipmaker GlobalFoundries in February and $162 million offered to Microchip Technology Inc in January.