The Biden administration announced a plan to provide up to $750 million in direct funding to Wolfspeed for its new silicon carbide factory in North Carolina.
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00:00The Biden-Harris administration announced a plan to provide up to $750 million in direct
00:04funding to Wolfspeed for its new silicon carbide factory in North Carolina and its existing
00:10facility in Marcy, New York. These factories produce wafers used in advanced computer chips,
00:15particularly for electric vehicles and other cutting-edge technologies. The expansion is
00:20expected to create 2,000 manufacturing jobs as part of a $6 billion investment.
00:27Commerce Secretary Gina Raimondo emphasized that this investment supports the U.S.
00:32manufacturing sector, focusing on key technologies like artificial
00:35intelligence, electric vehicles and clean energy.