February 21, 2022Company responds to Vermont PUC decision on petition for Self-Managed Utility ESSEX JUNCTION, VT., February 21, 2022 – GlobalFoundries Inc. (Nasdaq: GFS) (GF) has issued the following statement in response to the decision from Vermont’s Public Utilities Commission (PUC) on the company’s petition to become a self-managed utility (SMU). “GF appreciates the PUC’s efforts in thoroughly reviewing our petition, and we are aligned with their recommendation to continue our petition under Vermont’s Renewable Energy Standard (RES),” said Ken McAvey, GF Fab 9 VP & General Manager. “Our petition is about two things, first meeting higher and higher environmental standards and second access to energy costs that are competitive globally.” “The actions we’ve taken as a company show that we share the State’s commitment to renewable energy. GF always has and will continue to meet and even do better than Vermont’s environmental guidelines,” continued McAvey. “Because we believe that our proposal actually does more to protect Vermont’s environment, to increase use of renewable energy, to keep Vermont energy cost-competitive and to support good-paying jobs for the people of Vermont, we intend to move ahead with our petition.” GF has committed to a 100% carbon-neutral energy portfolio in Vermont. Globally, the company will continue to invest and is committed to a 25% reduction in greenhouse gas emissions from 2020-2030, even while increasing output 1.6 times. “As Vermont’s largest private manufacturer, GF is a major contributor to the regional and state economy, and we are a leader in environmentally responsible operations,” said McAvey. McAvey added, “Our petition is about competitive manufacturing energy costs in Vermont. Today, energy costs represent a significant portion of our Vermont facility’s operating costs, approximately double what our facilities pay a few miles away. Our need to be competitive does not change our commitment to leadership in environmentally responsible operations in Vermont and across the world.” About GF GF is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com. Forward-Looking Statements This news release may contain forward-looking statements, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. GF undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law. Contact: Gina DeRossi Corporate Communications [email protected] 518.491.4965
