Rivian’s RJ Scaringe joins JB Pritzker at White House for CHIPS bill-signing

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Rivian founder and CEO RJ Scaringe was at the White House on Tuesday as President Biden signed legislation that will pump more than $50 billion into research and manufacturing of semiconductor chips.

Those chips power everything from medical devices and cars to computers and weapons systems. The global chip shortage — and other supply chain problems — slowed the start of electric-vehicle production at Rivian’s plant in Normal.

Scaringe tweeted a photo of himself at the bill-signing. Also there was Democratic Gov. JB Pritzker.

“Leaders from both parties and every industry came together to help strengthen U.S. production of semiconductors and other important R&D. This type of collaboration is vital to our progress as a society,” Scaringe tweeted.

The legislation provides $10 billion to invest in regional technology hubs across the country and a 25% investment tax credit for expenses for manufacturing of semiconductors and related equipment. It also authorizes roughly $100 billion in spending over five years on scientific research, including more than $80 billion for the National Science Foundation.

The CHIPS bill is aimed at boosting domestic manufacturing of semiconductor chips in a bid to stay competitive with China.

This bill is the latest piece of bipartisan legislation to make it to Biden’s desk, following gun safety and infrastructure legislation.

“Here in Illinois, we are home to a world-class collection of research institutions and innovators, incredible talent educated at some of the best universities in the world, and the hub of the nation’s transportation networks and manufacturers – and the CHIPS Act will build on all these strengths,” Pritzker tweeted. “Illinois is already planning for what’s next in our economy, which is why I signed the MICRO Act, which will provide additional incentives to attract top manufacturers of semiconductors and microchips. Thanks to action on both the federal and state level, Illinois families and workers will see the cost of everyday goods lowered, good-paying, union jobs created, and a reinvigorated manufacturing sector.”

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August 9, 2022 at 07:52PM

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