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HP CEO Issues Statement on CHIPS Act Funding

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As we reported yesterday, the U.S. Department of Commerce announced that it’s signed a non-binding preliminary memorandum of terms (PMT) with HP Inc. to provide up to $50 million in funding to HP under the CHIPS and Science Act. The funding would support HP’s microfluidics semiconductor fab (manufacturing facility) located in Corvallis, Oregon. Funding is contingent upon the Department of Commerce’s review.

In response, HP issued this statement from HP CEO and President Enrique Lores:

“HP is pleased to announce we have signed preliminary terms for a proposed $50 million award from the US Department of Commerce today from the CHIPS and Science Act in support of our microfluidics semiconductor fab in Corvallis, Oregon. This proposed investment provides HP with an opportunity to modernize and expand our facility to further advance our microfluidics technology, which is the study of the behavior and control of fluid on a microscopic scale. Microfluidics has the potential to drive revolutionary changes across industries, delivering speed, efficiency, and precision, to help pave the way for the next generation of innovation in life sciences and technology.  

“We would like to thank the Biden-Harris Administration and Secretary Raimondo, as well as the Oregon congressional delegation, including Senators Wyden and Merkley and state leaders including Governor Kotek, Representative Rayfield, and Senate President Wagner for their support and advocacy throughout this process. In addition, we are thankful to the bipartisan leaders in Congress who championed the CHIPS Act and thereby made this proposed award possible, including Leader Schumer and Senators Young, Cornyn, and Warner. We look forward to continuing to work to accelerate our innovation in microfluidics and Micro-Electro-Mechanical Systems (MEMS) technology while expanding our manufacturing and R&D capabilities in Corvallis,” Lores concluded.

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