Schumer Announces $750 Million Unlocked for Marcy’s Wolfspeed

U.S. Majority Leader Chuck Schumer has announced a new $750 million in investment into Wolfspeed in Marcy as part of his Chips and Science Law. Schumer says the money will help create hundreds of new nano technology jobs at the Marcy Nano Center.

Schumer said Wolfspeed has reached a $750 million preliminary memorandum of terms (PMT) funding agreement under the CHIPS & Science Law he led in writing and passing into law, helping them unlock an additional $750 million in private investment. Wolfspeed also said it plans to tap nearly $1 billion from the CHIPS Investment Tax Credit that Schumer helped create to fund much of the state-of-the-art equipment being installed to complete the expansion at their Silicon Carbide Fabrication Facility at Marcy Nanocenter in Marcy.

“We thank Senator Schumer for securing $750 million in funding for Wolfspeed from his historic CHIPS & Science Law," said Oneida County Executive Anthony Picente. "This transformative investment will accelerate hundreds of good-paying jobs in Oneida County and further elevate our region as a leader in semiconductor production. As Wolfspeed enhances its capabilities, we look forward to the opportunities this brings for our workforce and our future in the Mohawk Valley.”

 Shumer said that Marcy Nanocenter is one of the most shovel-ready sites in the whole country. "This investment will help strengthen Wolfspeed and with Micron rapidly establishing itself in the broader region, I am going all out to land more companies to make the Mohawk Valley a central component of bringing semiconductor manufacturing back to New York," said Schumer.

Wolfspeed’s Mohawk Valley Fab is the largest and one of the only 200mm Silicon Carbide fabrication facilities in the world. Wolfspeed officially opened their new fab in 2022 and is actively expanding with approximately $790 million in additional capital planned investment in the Mohawk Valley which will help support new good paying manufacturing and construction jobs to the region.