:max_bytes(150000):strip_icc()/GettyImages-2149583317-937848f4c82d421e8734888a859a9705.jpg "Biden Administration Announces $504M in Funding for 12 ‘Tech Hubs’")
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Key Takeaways
- The Biden administration awarded $504 million to a dozen technology hubs across the U.S.
- The funding will go toward innovation in semiconductors, artificial intelligence, clean energy, and more.
- The awards are authorized by the CHIPS and Science Act of 2022. Of an authorized $10 billion in funding, $541 million has been appropriated.
The Biden administration announced $504 million in funding awards for 12 regional technology hubs on Tuesday, a move the administration said it expects to drive economic growth in underinvested parts of the U.S.
The funding, authorized by the CHIPS and Science Act of 2022, will benefit industries including semiconductors, artificial intelligence, clean energy, and quantum computing. The 12 winners were selected from 31 tech hubs, designated last year, which each were invited to apply for up to $75 million in funding.
The awards include roughly $40 million for semiconductor manufacturing in New York, $19 million for infrastructure related to the climate crisis in Florida and $41 million for quantum information technology in Colorado and New Mexico.
Investing in Swing States
Some of the funding is headed to states seen as vital to the outcome of this year’s presidential election.
The University of Nevada-Reno will receive $21 million to build a sustainable lithium lifecycle cluster, and BioForward Wisconsin is getting $49 million to develop medical treatments personalized to individual patients’ genetic makeup. Biden won both states in the 2020 election.
Ohio, which former President Donald Trump carried in 2020, will be given $51 million to manufacture sustainable polymers, with the goal of combating the environmental impact of rubber and plastics made from fossil fuels.
The funding announced Tuesday is a fraction of the $10 billion in total technology hub funding authorized by the CHIPS and Science Act. However, only $541 million has been appropriated by lawmakers since its passage.