US to award $389 million in R&D funds for power semiconductors, critical materials

The US ​Commerce Department said on Thursday it plans to award $389 million ​in research and development funding to four ‌companies working ​on power semiconductor devices and critical materials to boost technologies like commercial fusion. As a condition of funding, the US government will receive minority, non-controlling and non-voting equity stakes, the department said.

In ‌recent months, it has awarded 19 R&D grants to semiconductor firms from a $10 billion fund approved by Congress in 2022. Commerce Secretary Howard Lutnick said in a statement the awards will "accelerate American semiconductor innovation to enhance our domestic energy and power resources." Reuters first reported the new ‌funding. The department said it had signed letters of intent to provide four new awards: