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Intel and Canada's Brookfield Asset Management agreed to jointly invest up to $30 billion to build new chip factories in Arizona, US.
Brookfield's infrastructure affiliate will invest up to $15 billion for a 49% stake in the expansion project, while Intel will retain majority ownership and operating control of the two chip factories meant to make advanced chips in Chandler, Arizona.
This comes as an expansion of an agreement signed by Intel and Brookfield in February to explore finance options to help fund new Intel manufacturing sites.
The deal has been made after U.S. President Joe Biden this month signed the CHIPS and Science Act into law, which included provision of $52.7 billion in subsidies for U.S. semiconductor production and research. David Zinsner, Intel's finance chief, said the arrangement between the companies "builds on the momentum from the recent passage of the CHIPS Act in the U.S."
After Pat Gelsinger became the new CEO of the company in early 2021, Intel announced multibillion-dollar investments across Europe and in the US.
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