The Taiwanese chipmaker signed a preliminary agreement in April for $6.6 billion in grants from the federal Chips and Science Act. The finalized award comes after the U.S. Commerce Department completed its due diligence process. TSMC is also eligible for up to $5 billion in proposed loans.
TSMC will receive at least $1 billion of the total reward this year due to already meeting some of the required benchmarks, Bloomberg reported, citing Biden administration officials. The award will be disbursed as the company’s fabs in Phoenix, Arizona complete certain project milestones.