SkyWater Technology Inc. has decided not to move forward with the construction of a $1.8 billion semiconductor production and R&D facility in Indiana, as announced by Purdue University spokesperson Tim Doty. Despite multiple attempts to reach out to SkyWater for comment, representatives did not respond. However, in their annual report to the Securities and Exchange Commission in March, they outlined potential risks associated with the Indiana project.
In July 2022, SkyWater, in collaboration with the state of Indiana and Purdue University, had initially announced a public-private partnership aimed at securing federal CHIPS (Creating Helpful Incentives to Produce Semiconductors) and Science Act funding for the construction of a new semiconductor production and R&D facility in Indiana. President Joe Biden recently made headlines by announcing a preliminary agreement to provide $6.6 billion to Taiwan Semiconductor Manufacturing Company (TSMC) for the construction of three factories in Arizona, as part of the CHIPS program.
SkyWater had previously submitted a CHIPS application in the fourth quarter for upgrades at their Bloomington manufacturing facility, and Polar Semiconductor has also expressed interest in investing over $420 million for upgrades at their Bloomington site pending approval of their CHIPS application. With an increase in revenue to $286.7 million in 2023 representing a 34.6% growth from the previous year, SkyWater reported a net loss of $25.1 million for the year but remain focused on expansion and innovation in the semiconductor industry.
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