The U.S. Department of Commerce has signed a preliminary memorandum of terms (PMT) with Rogue Valley Microdevices (RVM) to provide up to $6.7 million in proposed funding under the CHIPS and Science Act. This investment will support the construction of RVM’s microelectromechanical systems (MEMS) and sensor foundry facility in Palm Bay, Florida. This facility is expected to nearly triple RVM’s manufacturing capacity, enhancing the U.S. supply chain resilience.
RVM is a notable U.S.-based pure play MEMS foundry specializing in high-mix, low-volume wafer and MEMS foundry services used in the defense and biomedical industries. The proposed investment will facilitate the construction of the facility, including the renovation of the clean room and installation of equipment. RVM plans to ship its first wafers from the new facility by early 2025, with the facility’s full completion anticipated by mid-2025. Additionally, RVM intends to establish on-site childcare and partner with a local provider to offer STEM-based early education and after-school support.
This proposed CHIPS investment marks the first in a women- and minority-owned business, highlighting the essential role of smaller businesses in the semiconductor ecosystem. RVM plans to leverage the Department of the Treasury’s Investment Tax Credit, which could be up to 25% of qualified capital expenditures, alongside state and federal support totaling over $8 million.
Key Points:
• Funding Amount: Up to $6.7 million under the CHIPS and Science Act.
• Location: Palm Bay, Florida.
• Capacity Increase: Nearly triple RVM’s manufacturing capacity.
• Job Creation: Over 75 new jobs in Florida.
• Facility Completion: First wafers by early 2025, full completion by mid-2025.
• Additional Support: $5 million Florida Department of Commerce loan, $3.2 million in other state incentives and grants.
• Tax Credit: Plans to claim up to 25% of qualified capital expenditures.
• Notable Milestone: First CHIPS investment in a women- and minority-owned business.
