The US Chip Act will provide Akash Systems with $18.2 million in production subsidies
The US Department of Commerce has agreed to provide Akash Systems with up to $18.2 million in government subsidy funds to support the construction of a 40000 square foot cleanroom space for advanced semiconductor manufacturing.
The proposed funding from the $52.7 billion semiconductor manufacturing and research subsidy program will be combined with funding from Akash, a California based venture capital firm, and other private investors to support a $121 million investment in West Oakland, California to mass produce various diamond heat dissipation substrates, equipment, and systems.
Akash is utilizing its "diamond cooling" technology to improve thermal management in data centers centered around artificial intelligence (AI).
As an American company developing next-generation semiconductor technology, this confirms our vision and strategy to provide cutting-edge solutions that address the thermal challenges in today's high-performance computing (HPC) and communication systems, "said Felix Ejeckam, CEO of Akash Systems.
In November 2023, the IUE-CWA union and Akash Systems announced a labor agreement covering construction and production workers, including the industry's first labor neutral agreement for semiconductor production workers in West Auckland.
US Secretary of Commerce Gina Raymondo stated that Akash incentives will help ensure that "the United States remains a global leader in every aspect of the semiconductor supply chain.
The US Department of Commerce has awarded approximately $36 billion in preliminary agreements to about 20 companies through the bipartisan 2022 Chip Act, aimed at attracting chip manufacturers to leave Asia and expand production in the United States.
So far, the only final deal reached is Polar Semiconductor expanding and modernizing its chip factory in Bloomington, Minnesota for $123 million.
Polar has agreed to ban stock buybacks within five years and reached an upward sharing agreement, requiring the sharing of excess profits with the government as a funding condition.
The US Department of Commerce is intensifying efforts to finalize major awards before President elect Donald Trump takes office in January 2025. According to reports, TSMC, GlobalFoundries, and at least one other chip manufacturer are about to receive final chip subsidy rewards from the Biden administration.
Akash is utilizing its "diamond cooling" technology to improve thermal management in data centers centered around artificial intelligence (AI).
As an American company developing next-generation semiconductor technology, this confirms our vision and strategy to provide cutting-edge solutions that address the thermal challenges in today's high-performance computing (HPC) and communication systems, "said Felix Ejeckam, CEO of Akash Systems.
In November 2023, the IUE-CWA union and Akash Systems announced a labor agreement covering construction and production workers, including the industry's first labor neutral agreement for semiconductor production workers in West Auckland.
US Secretary of Commerce Gina Raymondo stated that Akash incentives will help ensure that "the United States remains a global leader in every aspect of the semiconductor supply chain.
The US Department of Commerce has awarded approximately $36 billion in preliminary agreements to about 20 companies through the bipartisan 2022 Chip Act, aimed at attracting chip manufacturers to leave Asia and expand production in the United States.
So far, the only final deal reached is Polar Semiconductor expanding and modernizing its chip factory in Bloomington, Minnesota for $123 million.
Polar has agreed to ban stock buybacks within five years and reached an upward sharing agreement, requiring the sharing of excess profits with the government as a funding condition.
The US Department of Commerce is intensifying efforts to finalize major awards before President elect Donald Trump takes office in January 2025. According to reports, TSMC, GlobalFoundries, and at least one other chip manufacturer are about to receive final chip subsidy rewards from the Biden administration.