Indy Standard

U.S. Senator Todd Young has expressed his approval following the U.S. Department of Commerce's announcement that SK hynix will receive up to $458 million in direct funding under the CHIPS and Science Act. This funding is designated for building a high-bandwidth-memory advanced packaging fabrication and research and development facility in West Lafayette.

"Bringing semiconductor manufacturing back to the United States is a national security imperative and is among the primary goals of the CHIPS and Science Act," stated Senator Young. "Today’s announcement further opens the door for Hoosier workers to play a critical role in building our high-tech future while contributing to our national security and ensuring against future supply chain disruptions. This is an exciting day for SK hynix, Indiana, and our nation."

The announcement follows an earlier proposal from August by the Department of Commerce for direct funding of up to $450 million for SK hynix. The South Korean chip producer had previously announced plans to invest approximately $3.8 billion, which is expected to create over 1,000 new jobs in West Lafayette with mass production anticipated to begin in late 2028.

Additionally, SK hynix will benefit from up to $500 million in loans provided by the CHIPS Program Office as part of the CHIPS and Science Act. This award was granted after a comprehensive application process, during which Senator Young led an Indiana delegation letter supporting it.

For further details on the CHIPS and Science Act, visit young.senate.gov/chips.