SAINT PAUL, Minn. – Senate Jobs and Economic Development Committee Chair Bobby Joe Champion (DFL-Minneapolis) commended Bloomington-based Polar for securing $123 Million in federal CHIPS funding to expand and modernize the company’s semiconductor manufacturing facility in Bloomington. Polar is the first company in the United States to move from the preliminary agreement stage to the award stage.
Senator Champion said the expansion will double the company’s U.S. production capacity and create 160 new manufacturing and construction jobs in the state. In 2023, Senator Champion’s Jobs Bill created the “Forward Fund” to help Minnesota companies with the state matching funds needed to secure federal CHIPS and Science Act funding, and appropriated $250 million specifically for state match requirements. Polar tapped the Minnesota Forward Fund in its bid for the award and became the first company in the United States to be awarded CHIPS funding.
“This is a great investment that will create both manufacturing and construction jobs in Minnesota,” said Senator Champion, who was chief author of the legislation that created the Forward Fund. “At the same time, we are helping to ensure that the United States expands semiconductor production here at home, instead of having to rely on Taiwan or China to meet our country’s needs. We created the forward fund in 2023 to help facilitate this exact type of investment, and we are so proud of Polar for being the first U.S. company to receive the final award.”
“This award from the CHIPS and Science Act supports an investment of more than $525 million from private and state sources, which is incredibly exciting. This partnership is valuable to our economy, our national security, and to creating good-paying jobs right here in our state. The semiconductor industry started in Minnesota, and this is just the first step we intend to take to make Minnesota a national and international leader in semiconductor manufacturing once again.”
Polar produces 21,000 high-voltage semiconductors per month for use in automotive, commercial, and industrial applications.
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