The Biden administration has unveiled a $504 million funding package aimed at bolstering 12 regional technology hubs across the United States.
What Happened: The funding, via the Department of Commerce, is intended to stimulate research in fields such as artificial intelligence, semiconductor manufacturing, and clean energy. This initiative is part of a larger strategy to promote private investment in advanced industries outside traditional innovation centers, according to an official note from the White House.
Among the recipients are hubs located in New York and Florida, as well as Nevada and a center in South Carolina, which also serves parts of Georgia.
The awards include $19 million for researchers in South Florida focusing on sustainable and climate-resilient infrastructure. Five recipients, including bases in Illinois and Indiana, will receive $51 million for projects related to biomanufacturing and autonomous systems.
The New York hub, which is focused on semiconductor manufacturing, will receive $40 million, while the Nevada center will get $21 million for work on lithium batteries and electric-vehicle materials.
See Also: Meta’s Ray-Ban Smart Glasses Face New Rival Powered By OpenAI’s ChatGPT
The funding program is part of Biden’s Chips and Science Act and Inflation Reduction Act, aimed at spurring domestic manufacturing investments and positioning the US to compete with China in the development of critical technologies.
Why It Matters: This funding follows a series of initiatives by the Biden administration to boost domestic innovation and manufacturing. In October 2023, 31 tech hubs were named across the country, each focusing on different industries including semiconductors, clean energy, and artificial intelligence.
In May 2024, the administration unveiled $285 million in funding for a CHIPS Manufacturing USA institute focused on digital twins for the semiconductor industry.
The administration is also considering measures to limit China’s access to advanced chip architecture, further emphasizing the strategic importance of domestic tech development.
Read Next: Apple iPhone Settlement Deadline Extended: Users Get Extra Time To File Claims To Get Up To $349
Image via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
