Rocket Lab Inks Preliminary Deal to Receive up to $23.9M in CHIPs Act Funding to Expand Production of Semiconductors that Power Spacecraft
Portfolio Pulse from Benzinga Newsdesk
Rocket Lab USA, Inc. (NASDAQ:RKLB) has signed a preliminary memorandum of terms with the Department of Commerce to receive up to $23.9M in funding under the CHIPS and Science Act. This funding will be used to expand and modernize Rocket Lab's semiconductor production facility in Albuquerque, New Mexico, creating over 100 manufacturing jobs.
June 11, 2024 | 9:29 am
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Rocket Lab has signed a preliminary deal to receive up to $23.9M in CHIPS Act funding to expand its semiconductor production for spacecraft. This investment will modernize its Albuquerque facility and create over 100 jobs.
The funding will enable Rocket Lab to expand and modernize its semiconductor production, which is crucial for its space systems business. The creation of over 100 jobs also indicates a significant operational expansion, likely boosting investor confidence and positively impacting the stock price in the short term.
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