The Biden-Harris Administration announced that the Department of Commerce and HP Inc. have signed a non-binding preliminary memorandum of terms to provide up to $50 million in proposed direct funding under the CHIPS and Science Act.
The proposed funding would support the expansion and modernization of HP’s existing facility in Corvallis, Oregon, which is part of the company’s “lab-to-fab” ecosystem in the region that spans from research and development activities to commercial manufacturing operations.
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The proposed project would build on the company’s 47-year presence in Corvallis. The project is estimated to create nearly 150 construction jobs and over 100 manufacturing jobs.
Among other products, the proposed funding would support the manufacturing of silicon devices that are key components of life sciences lab equipment which are used in drug discovery, single-cell research and cell line development. By leveraging HP’s capabilities in microfluidics and MEMS, these devices allow for increased speed and precision during life sciences R&D.
The company’s devices serve important focus areas for public health initiatives, and enable performance efficiencies for partner institutions across academia, government and the private sector, including Harvard Medical School, the Centers for Disease Control and Prevention and Merck.
The development and expansion facilitated by the proposed funding would bolster the lab-to-fab ecosystem that HP has established in Corvallis, which also serves as one of three R&D Centers for Excellence within the company’s global footprint.
In addition to continued domestic investment in the company’s internal research and development, HP has opened its Corvallis campus to collaborative R&D efforts with academic institutions and startups. Of note, HP donated a 25-year lease of a portion of its Corvallis campus to Oregon State University. This 80,000-square-foot manufacturing and R&D facility has incubated 39 different companies, including 20 that spun out from OSU faculty and students.
The Corvallis campus provides resources and tools for startups and entrepreneurs to build innovative products locally in Oregon and provides an opportunity for these companies to grow and reinvest in the domestic ecosystem.
Additionally, HP aims to use 100% renewable electricity to power its global operations by 2025. The company has indicated that it plans to claim the Department of the Treasury’s Investment Tax Credit, which is expected to be up to 25% of qualified capital expenditures.
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