The CEO of South Korean chemical firm SKC made a big bet on the US CHIPS Act when he decided to grow his manufacturing site in the American South. That gamble has now paid off with some CHIPS change coming SKC’s way to help bankroll its factory expansion.

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    123 days ago

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    The US Commerce Department announced Thursday it is awarding $75 million from the CHIPS Act subsidy pool to SKC subsidiary Absolics to support the construction of additional facilities in Covington, Georgia.

    The $53 billion CHIPS funding pool was created by the White House and Congress to boost the development and manufacturing of semiconductors on US soil to help the country ween itself off foreign suppliers.

    Not long after President Biden signed the CHIPS Act into law, SKC CEO Woncheol Park came to Georgia to announce an expansion of the company’s decades-old Covington plant for glass semiconductor work.

    SK pledged it would spend $240 million on a 120,000-square-foot Absolics facility to manufacture glass substrates, which Park predicted “will be the key material in the high-performance computing industry” in the coming years.

    The reason for making them in America, he said, was because US semi manufacturing was booming (thanks to the CHIPS Act) and a local glass substrate plant would be well-positioned to benefit from demand for the material.

    The plan is for Absolics, founded in 2021, to continue its research work with Georgia Tech and the US Department of Defense, along with expanding SKC’s facilities and getting its glass substrates into the US chipmaking market.

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