An important phase of the new investment expansion is the development and upgrading of its 50-acre, 580,000-square-foot Colorado Springs campus to increase SiC manufacturing for automotive/electric vehicles, grid infrastructure, green energy, and aerospace and defense applications.
Microchip Technology Inc. (NASDAQ: MCHP) today announced plans to invest $880 million in its Colorado Springs manufacturing facility in Colorado to expand silicon carbide (SiC) and silicon (Si) capacity.
An important phase of the new investment expansion is to develop and upgrade its 50-acre, 580,000-square-foot Colorado Springs campus to increase SiC manufacturing for automotive/electric vehicles, grid infrastructure, green energy, and aerospace and defense applications.
Ganesh Moorthy, president and CEO of Microchip Technology, said, “The Chip and Science Act is already being enacted to positively impact our business through investment tax credits, and we are seeking capacity expansion grants for several of our semiconductor factories, including our Colorado Springs facility. The City of Colorado Springs and El Paso County, in partnership with the Colorado Springs Chamber of Commerce and the Economic Development Corporation, also announced that Microchip received approximately $47 million in expansion awards from state and local governments.
In 2022, after the passage of the Chips and Science Act, Microchip’s official website pointed out that “as the largest microcontroller supplier headquartered in the United States and a global leader in aerospace and defense electronic semiconductors, we will benefit from the investment tax credit and potential additional grants of the Act.” These financial incentives and other potential funding will be used to support Microchip’s manufacturing expertise for products critical to defense and a variety of commercial industries. ”
