Feds announce $544 million loan for production of silicon carbide wafers at Michigan plant

URLhttps://www.cbsnews.com/detroit/news/doe-announces
SourceCBS News
Date Published02/22/2024

Additional Reshoring Information:

Company/Division name SK Siltron CSS
Parent companySK Group
Type of work Manufacturing
Reshoring category:Foreign Direct Investment
Total number of jobs (added or to be added):200
Year reshoring announced:2024
Country(ies) from which reshored:Korea, South
City reshored to:Bay City
State(s) reshored to:MI
If relevant, work nearshored to:-
Industry(ies):Computer & Electronic Products
Product(s) reshoredhigh-quality silicon carbide wafers
What non-domestic negative factors made offshoring less attractive?Supply chain interruption
What domestic positive factors made reshoring more attractive?Better Control of Process/Delivery/Factory, Government Incentives, Govt. Policy and subsidies, Higher productivity, Image/brand, Impact on domestic economy, Lead time/Time to market, Proximity to customers/market, CHIPS and DOE Loan
Government Incentive dollar amount:DOE Loan: $544 mil
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