President Joe Biden's administration announced Wednesday that nearly $20 billion in funding will be spread across Intel's various expansion projects throughout the country, including the new microchip plant currently under construction in New Albany.
The Biden administration said the president plans to discuss the funding at Intel's Chandler, Arizona campus Wednesday. The funding includes $8.5 billion in direct funding and $11 billion in loans from the CHIPS and Science Act that will go towards projects in Arizona, Ohio, Oregon and New Mexico.
The White House's CHIPS Director Ryan Harper told WOSU Arizona is the focal point of this funding, but billions will still go to Ohio through the company's investment in the New Albany facility.
"It's among the largest private sector investments in Arizona's history. And it is the largest private sector investment in Ohio's history. It's an incredible infusion of capital," Harper said.
Harper said White House officials are excited about celebrating key milestones for the New Albany plant, which should be open by 2026 or 2027. He said members of Biden's team and cabinet will likely visit the plant more as construction progresses.
The company announced a delay earlier this year in the project's completion. It was originally intended to start production in 2025.
"The headline is that it will be in a half billion dollars, to fund Intel, expanding and building new facilities in four states. With Arizona being the focal point, but also Ohio, New Mexico and Oregon," Harper said.
Democratic Sen. Sherrod Brown wrote and helped passed the legislation that helped secure the funding, and said the investment from Biden's administration is vital to completing the project.
"Today’s announcement is a major step forward in our work to create thousands of good-paying jobs, strengthen our supply chains and bring manufacturing of this crucial technology back where it belongs: Ohio,” Brown said. “I’ll keep fighting to ensure that Ohio workers lead the world in producing the technologies of the future.”
Gov. Mike DeWine, Intel and the Ohio Department of Development released a report last week that showed that the company has spent approximately $1.5 billion through the end of 2023. The report said an additional $3 billion is contractually committed to be spent on the project, which brings the total committed investment by Intel in Ohio to $4.5 billion to date.
“The state’s agreement with Intel includes the requirement for an annual report outlining its progress and the resulting impact on Ohio’s economy and workforce," DeWine said in a statement. “Transparency is always important, and we believe the public should be kept well-informed on the statewide impact of this transformative project.”
Many large shipments for the plant, dubbed "superloads," have recently made their way through central Ohio on their way to the plant. Many more large shipments are expected as construction on the plant continues.
