HP Inc. receives financial support for expansion of US site

(CercleFinance.com) - The U.
S. Department of Commerce announced on Tuesday that it would provide computer manufacturer HP Inc. with financial assistance of up to $50 million.

Washington explains that the memorandum of understanding signed with the technology group is part of the Biden-Harris administration's plan to revitalize the semiconductor industry in the United States.

The funding is intended to finance the expansion and modernization of the PC and printer manufacturer's Corvallis (Oregon) plant, a lab-to-fab facility whose activities range from research and development (R&D) to equipment manufacturing.

It will also enable the company to develop its microelectromechanical systems (MEMS) and microfluidic chip businesses.

The announcement of this project - which will create almost 150 jobs during the start-up phase and 100 positions for workers - comes in the midst of Kamala Harris's presidential campaign.

The Department of Commerce states that HP intends to use 100% renewable energy at group level by 2025, which will also entitle it to tax credits.

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