Biden administration finalizes CHIPs Act awards for Rocket Labs, BAE Systems
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- The Biden administration announced on Monday it has finalized the grants from the CHIPs Act for Rocket Labs (NASDAQ:RKLB) and BAE Systems (OTCPK:BAESF).
- BAE Systems will receive up to $35.5M in funding that will be used to modernize the company’s Microelectronics Center in Nashua, New Hampshire. The company will quadruple its production capacity for Monolithic Microwave Integrated Circuit chips, which are used in advanced military aircraft and satellite systems. The funding was originally awarded in December 2023.
- Rocket Labs will receive up to $23.9M that will be used to create a “more robust and resilient supply of space-grade solar cells that power spacecrafts and satellites.” Rocket Lab’s grant was first awarded in June 2024.
- “From satellites in space to defense systems on the ground, our most advanced defense and commercial technology rely on mature-node and compound semiconductors to operate,” said Under Secretary of Commerce for Standards and Technology and National Institute of Standards and Technology Director Laurie Locascio in a statement. “By finalizing these awards, we are strengthening America’s domestic semiconductor supply chain resilience and broadening our manufacturing capabilities. Thanks to this investment, the United States is continuing to develop new pathways for the innovation that will reinforce our nation as a global technology leader for decades to come.”