Rep. Baird Applauds Award for Hoosier Company

Congressman Jim Baird (IN-04) released the following statement regarding the announcement that the U.S. Department of Commerce reached a direct funding agreement with SK hynix. SK hynix will receive up to $458 million in incentives under the CHIPS and Science Act for SK hynix’s high-bandwidth memory (HBM) advanced packaging fabrication and research and development (R&D) facility in West Lafayette, Indiana.

“I want to congratulate SK hynix on receiving this award from the U.S. Department of Commence following my advocacy with the Indiana Delegation and following the preliminary agreement made in August,” said Rep. Baird. “This funding was authorized by the CHIPS and Science Act, which I supported, to ensure the U.S. and Indiana continue to bolster domestic innovation, boost our global competitive edge, drive job creation, and beat China. The process for awarding this grant has been thorough, with SK hynix submitting their full application in February 2024 and undergoing a rigorous review process from the Commerce Department. This award to SK hynix further secures Indiana and my district’s place as a national leader in semiconductor manufacturing.”

The award provides up to $458 million in direct funding and up to $500 million in loans from the CHIPS Program Office for SK hynix. SK hynix and the U.S. Department of Commerce reached a preliminary memorandum of terms (PMT) in August 2024. SK hynix previously announced it will invest over $3.8 billion to build an HBM advanced memory packaging plant for artificial intelligence (AI) products and an advanced packaging R&D facility in West Lafayette, IN that will create approximately 1,000 jobs. SK hynix plans to begin production in the second half of 2028.