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Cailianshe News, August 17 (Editor: Zhou Ziyi)U.S. chipmaker Texas Instruments said on Friday (August 16) that it will receive up to $1.6 billion in direct grants and $3 billion in loans from the U.S. Department of Commerce to support its three new factories in the United States.

Currently, Texas Instruments has projects under construction, including a plant in Utah and two plants in Texas, which will create approximately 2,000 manufacturing jobs and thousands of construction jobs.

The money will support the costs of the three plants, projects that are expected to cost about $18 billion through 2029, the Commerce Department said in a statement.

In addition to the direct funding from the CHIPS and SCIENCE Act, TI is expected to receive a 25% investment tax credit from the U.S. Treasury, which some estimate could amount to $6 billion to $8 billion.

TI plans to invest a total of about $40 billion in the two states, including two additional plants in Sherman, Texas.

The CHIPS Act is the most ambitious industrial policy attempt in the United States, setting aside $39 billion in direct subsidies and $75 billion in tax credits, loans and loan guarantees in the hope of persuading more companies to produce more semiconductors in the United States.

As of now, Intel has received $19.5 billion in subsidies and loans; TSMC has received $11.6 billion in subsidies and loans for its new factory in Arizona; Samsung has received up to $6.4 billion in factory construction subsidies; and SK Hynix has received nearly $1 billion in direct grants and loans.