Infinera Awarded California Competes Grant Valued Up To $14M To Increase Domestic Production Of Next-Generation Semiconductors
Portfolio Pulse from Benzinga Newsdesk
Infinera (NASDAQ:INFN) has been awarded a California Competes grant valued at up to $14 million to expand and modernize its U.S.-based production of next-generation semiconductors. The grant, part of the CHIPS Act initiative, will support Infinera's domestic manufacturing of indium phosphide-based compound semiconductor and monolithic photonic integrated circuit technologies, enhancing America's economic and national security in semiconductor innovation and supply chain resilience.
November 21, 2023 | 1:07 pm
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Infinera has been awarded a grant up to $14M to enhance its semiconductor production in the U.S., which is expected to support its growth and technological advancements in the semiconductor industry.
The grant awarded to Infinera is likely to have a positive short-term impact on the company's stock price. It not only provides financial support but also aligns with federal initiatives, potentially leading to increased investor confidence in Infinera's commitment to innovation and U.S. economic development. The grant is significant in value and is directly tied to the company's core business of semiconductor production, which is a critical and high-demand industry.
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