Texas Instruments to receive up to $1.6 billion under CHIPS Act

Texas Instruments will receive as much as $1.6 billion in direct funding from the U.S. Commerce Department to support the construction of three new domestic facilities, the analog chipmaker said on Friday.

In addition to the agreement signed under the CHIPS and Science Act, Texas Instruments expects to receive about $6 billion to $8 billion in investment tax credit from the U.S. Treasury Department, it added.

The $1.6 billion funding would help the company support three manufacturing facilities that are already under construction in Texas and Utah. It plans to add more than 2,000 jobs across the facilities.