SkyWater Applauds President Biden’s Signing of CHIPS Act to Stimulate U.S. Semiconductor Production

SkyWater CEO, Thomas Sonderman attends today’s White House ceremony

BLOOMINGTON, Minn.--(BUSINESS WIRE)--SkyWater Technology (NASDAQ: SKYT), the trusted technology realization partner, praises President Joe Biden’s signing of the CHIPS and Science Act of 2022 into law in a Rose Garden ceremony at the White House. This historic step for the U.S. government, providing a means to reverse the decades-long trajectory of declining chip manufacturing in America, is crucial to securing a domestic source of chips and meeting ever-growing demand.

“It is an honor to be present as the President signs this historic legislation into law. I commend the Biden administration and Congress for their efforts to ensure a strong and resilient semiconductor supply chain,” said SkyWater’s President and CEO, Thomas Sonderman. “Over the past five years, SkyWater has set out to be ‘America’s foundry’ – to do our part in the reshoring of semiconductor manufacturing. Semiconductors are at the center of our national security and cross all sectors of our economy; positioning the U.S. to regain the leading edge in research, innovation and manufacturing while developing crucially needed technology talent is at the heart of our company.”

Last month, SkyWater announced its plans to pursue CHIPS funding to build a $1.8 billion U.S. semiconductor R&D and production facility in Indiana through a dynamic public-private partnership with the state and Purdue University. SkyWater manufacturing facilities in Minnesota and Florida, which offer development services, volume production and heterogeneous integration solutions, are also eligible for consideration of CHIPS grants.

About SkyWater Technology

SkyWater (NASDAQ: SKYT) is a U.S.-owned semiconductor manufacturer and a DMEA-accredited Category 1A Trusted Foundry. SkyWater’s Technology as a Service^SM model streamlines the path to production for customers with development services, volume production and heterogeneous integration solutions in its world-class U.S. facilities. This pioneering model enables innovators to co-create the next wave of technology with diverse categories including mixed-signal CMOS, ROICs, rad-hard ICs, power discretes, MEMS, superconducting ICs, photonics, carbon nanotubes and interposers. SkyWater serves growing markets including aerospace & defense, automotive, biomedical, cloud & computing, consumer, industrial and IoT. For more information, visit: www.skywatertechnology.com.

SkyWater Technology Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements that are based on the Company’s current expectations or forecasts of future events, rather than past events and outcomes, and such statements are not guarantees of future performance. Forward-looking statements are subject to risks, uncertainties and assumptions, which may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key factors that could cause the Company’s actual results to be different than expected or anticipated include, but are not limited to, factors discussed in the “Risk Factors” section of its annual report on Form 10-K and quarterly reports on Form 10-Q, and in other documents that the Company files with the SEC, which are available at http://www.sec.gov. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

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