Intel announced a partnership with Canada’s Brookfield Asset Management Company to provide up to $30 billion in funding for Intel’s chip factory in Arizona.
U.S. President Biden signed the Chip and Science Act earlier this month, which includes $52.7 billion in subsidies for U.S. semiconductor production and research.
Brookfield's infrastructure unit will invest up to $15 billion for a 49 percent stake in the expansion, while Intel will retain majority ownership and operational control of two chip factories in Chandler, Arizona.
Intel CFO David Zinsner (David Zinsner) said the cooperation between the two companies "builds on the background of the recent passage of the 'CHIPS Act' in the United States."
The investment is part of an agreement between Intel and Brookfield in February. The agreement seeks to explore project financing options to help finance the new Intel manufacturing base.
After Pat Gelsinger took over in early 2021, Intel announced multi-billion-dollar investments in Europe and the United States.
Although the global semiconductor industry has experienced a "core shortage" for more than two years and has caused production cuts in the automotive and PC industries, the current goal of the two parties is to increase Intel's chip production.
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