Ft Wayne Times

Today, Congressman Jim Baird (IN-04) commented on the U.S. Department of Commerce's decision to provide direct funding to SK hynix. The company is set to receive up to $458 million in incentives through the CHIPS and Science Act for its high-bandwidth memory (HBM) advanced packaging fabrication and research and development facility located in West Lafayette, Indiana.

"I want to congratulate SK hynix on receiving this award from the U.S. Department of Commerce following my advocacy with the Indiana Delegation and following the preliminary agreement made in August," said Rep. Baird. "This funding was authorized by the CHIPS and Science Act, which I supported, to ensure the U.S. and Indiana continue to bolster domestic innovation, boost our global competitive edge, drive job creation, and beat China."

The process for awarding this grant has been thorough. SK hynix submitted their full application in February 2024 and underwent a rigorous review process by the Commerce Department. "This award to SK hynix further secures Indiana and my district’s place as a national leader in semiconductor manufacturing," added Rep. Baird.

The award includes up to $458 million in direct funding along with up to $500 million in loans from the CHIPS Program Office for SK hynix. In August 2024, SK hynix and the U.S. Department of Commerce reached a preliminary memorandum of terms (PMT). The company had previously announced plans to invest over $3.8 billion into building an HBM advanced memory packaging plant dedicated to artificial intelligence products as well as an advanced packaging R&D facility in West Lafayette, IN, expected to create approximately 1,000 jobs. Production is slated to begin in the second half of 2028.