By Mayor Tim Busse
Leveraging $120 million in direct funding from the U.S. CHIPS and Science Act and $75 million from the Minnesota Forward Fund, Polar Semiconductor announced in May it will invest $525 million to expand its Bloomington manufacturing facility.
Bloomington has always been a place where innovation thrives. Polar Semiconductor’s significant private investment in expanding its facilities, with direct funding from the CHIPS and Science Act and a substantial investment by the State of Minnesota, will boost our local economy and will contribute to the growth and vibrancy of semiconductor manufacturing in Bloomington.
Polar’s federal funding is the first award in Minnesota from the 2022 U.S. CHIPS and Science Act, a $53 billion initiative passed by congress in a bipartisan vote to grow the U.S. semiconductor industry. Minnesota’s $75 million investment comes from the Minnesota Forward Fund, a new Department of Employment and Economic Development program Governor Tim Walz signed into law last year to invest $400 million in business growth.
“Polar and its employees are grateful to the U.S. Department of Commerce and the State of Minnesota for their commitment to the future of American semiconductor manufacturing and appreciate the strong collaboration with the CHIPS Program Office, DEED and the City of Bloomington, Minnesota, throughout this process,” said Surya Iyer, President and COO of Polar Semiconductor.
