Glens Falls Chronicle Serving the Glens Falls/Lake George region; Warren, Washington and northern Saratoga counties since 1980
By Ben Westcott & Mark Frost, Chronicle Staff Writer & Editor
Governor Kathy Hochul announced On Monday, Feb. 19, that GlobalFoundries in the Saratoga County Town of Malta will invest more than $11.6 billion over the next decade to expand its existing Fab 8 semiconductor manufacturing site.
The company plans to immediately expand its existing facility and then build a new, 358,000 square-foot semiconductor manufacturing facility on its campus.
The press release from the governor’s office said the expansion will triple its capacity to meet growing demand for chips, enhance national security by expanding U.S. chipmaking capacity, and create more than 1,500 direct jobs and thousands of indirect jobs by 2032.
Governor Hochul was quoted: “New York State is becoming the best place on earth to build a business. Thanks to our pro-business policies, commitment to innovation and best-in-the-nation workforce, green jobs and high-tech manufacturers are flocking to the Empire State. This $11 billion investment from GlobalFoundries is a game changer.”
The release said the U.S. Department of Commerce will provide $1.5 billion as part of the U.S. CHIPS and Science Act.
The state will provide an estimated $575 million in New York State Green CHIPS tax credits in exchange for creating 1,508 direct jobs and completing its multi-billion-dollar investments, said the press release.
It said GlobalFoundries will also receive a $30 million infrastructure investment from The New York Power Authority, and Empire State Development will commit up to $15 million for workforce development activities related to the project.
Construction of the new facility is expected to begin in 2025.
The press release quoted Vice President Kamala Harris: “Semiconductors are the brain of modern technology. While they are no larger than a fingernail and no thicker than a piece of paper, they are essential to every electronic device that we currently use — from computers and televisions to cars and washing machines…
“President Biden and I continue to be fully committed to growing our economy and creating opportunity in every part of America. Today’s announcement is another way in which we are delivering on that commitment in New York, Vermont, and communities throughout the country.”
GlobalFoundries’ chips power features like mobile secure payment, airbag deployment, U.S. defense systems, and streaming devices. They support sectors such as the automotive, data center and infrastructure, aerospace and defense, and smart mobile industries.
GlobalFoundries currently employs 2,500 people in the Capital Region, the press release said.
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