(Reuters) -The Biden administration on Thursday announced an $825 million investment in a new semiconductor research and development facility in Albany, New York, aiming to boost high-tech manufacturing and reduce reliance on foreign technology.
The New York facility will be expected to drive innovation in EUV technology, a complex process necessary to make semiconductors, the U.S. Department of Commerce and Natcast, operator of the National Semiconductor Technology Center (NTSC) said.
The launch of the facility “represents a key milestone in ensuring the United States remains a global leader in innovation and semiconductor research and development,” Commerce Secretary Gina Raimondo said.
Last year, Raimondo had said she would make multiple funding awards, which could drastically reshape U.S. chip production.
The announcement comes days after the Biden administration said it is finalizing rules that will limit U.S. investments in artificial intelligence and other technology sectors in China that could threaten U.S. national security.
The new rules are due to come into effect on Jan. 2 and are part of a broader push to prevent U.S. know-how from helping the Chinese to develop sophisticated technology.
(Reporting by Chandni Shah, Disha Mishra and Mrinmay Dey in BengaluruEditing by David Goodman and Sharon Singleton)
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