Young Applauds Final SK hynix Award

WASHINGTON – U.S. Senator Todd Young (R-Ind.) today issued the following statement regarding an announcement by the U.S. Department of Commerce that SK hynix will receive up to $458 million in direct funding under the CHIPS and Science Act to build a high-bandwidth-memory advanced packaging fabrication and research and development facility in West Lafayette. 

“Bringing semiconductor manufacturing back to the United States is a national security imperative and is among the primary goals of the CHIPS and Science Act,” said Senator Young. “Today’s announcement further opens the door for Hoosier workers to play a critical role in building our high-tech future while contributing to our national security and ensuring against future supply chain disruptions. This is an exciting day for SK hynix, Indiana, and our nation.”

In August, the Department of Commerce announced proposed direct funding of up to $450 million for SK hynix. That announcement came four months after the South Korean chip producer announced it will invest an estimated $3.8 billion to bring more than 1,000 new jobs to West Lafayette. The company plans to begin mass production in the second half of 2028.

In addition to the direct funding of up to $458 million, the CHIPS Program Office will provide up to $500 million in loans, made possible by the CHIPS and Science Act, to SK hynix. This award follows an extensive application and vetting process, for which Senator Young led an Indiana delegation letter of support.

For more information on the CHIPS and Science Act, visit young.senate.gov/chips.