GlobalFoundries Reports Third Quarter 2024 Financial Results November 5, 2024 MALTA, N.Y., Nov. 05, 2024 (GLOBE NEWSWIRE) — GlobalFoundries Inc. (GF) (Nasdaq: GFS) today announced preliminary financial results for the third quarter ended September 30, 2024. Key Third Quarter Financial Highlights Revenue of $1.739 billionGross margin of 23.8% and Non-IFRS gross margin(1) of 24.7%Operating margin of 10.6% and Non-IFRS operating margin(1) of 13.6%Net income of $178 million and Non-IFRS net income(1) of $229 millionNon-IFRS adjusted EBITDA(1) of $627 millionCash, cash equivalents and marketable securities of $4.3 billionYear to date net cash provided by operating activities of $1,265 million and Non-IFRS adjusted free cash flow(1) of $779 million “In the third quarter, the GF team continued to execute next generation opportunities with our customers, by securing key design wins across our growing portfolio of essential chip technologies,” said Dr. Thomas Caulfield, President and CEO of GF. “We delivered consistent financial results at the upper end of the guidance ranges we provided in our August earnings release, and as we continue to navigate the ongoing uncertainties facing our industry, we remain on-track to deliver approximately a threefold increase in our year-over-year Non-IFRS adjusted free cash flow generation by the end of 2024.” Recent Business Highlights Building on the longtime relationship between GF and NXP Semiconductors (NXP), the companies announced a new collaboration leveraging GF’s 22FDX® process technology platform and global manufacturing footprint to optimize the power, performance and time-to-market of NXP’s solutions across a range of automotive, IoT and smart mobile devices. GF’s 22FDX chips will be manufactured in Dresden, Germany and Malta, New York, providing NXP geographically diverse supply for their customers. Over one thousand customers and partners attended GF’s annual Technology Summit held around the world in Santa Clara, California, Munich, Germany and Shanghai, China, to build deeper relationships and learn how GF’s essential chips play a critical role in realizing “AI Everywhere.” GF entered into a strategic technology development and licensing agreement with Finwave Semiconductor, Inc (Finwave), a leading innovator in GaN technology. The collaboration will optimize and scale Finwave’s cutting-edge GaN-on-Si technology to volume production at GF’s 200mm fab in Burlington, Vermont. (1) Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS net income, Non-IFRS adjusted EBITDA, Non-IFRS adjusted free cash flow and any related margins are all Non-IFRS measures. See “Reconciliation of IFRS to Non-IFRS” for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful. Summary Quarterly Results (Unaudited, in millions, except per share amounts and wafer shipments) Year-over-year Sequential Q3’24 Q2’24 Q3’23 Q3’24 vs Q3’23 Q3’24 vs Q2’24 Net revenue $1,739 $1,632 $1,852 $(113)(6)% $107 7% Gross profit $414 $395 $529 $(115)(22)% $19 5%Gross margin 23.8% 24.2% 28.6% (480)bps (40)bps Non-IFRS gross profit(1) $429 $411 $541 $(112)(21)% $18 4%Non-IFRS gross margin(1) 24.7% 25.2% 29.2% (450)bps (50)bps Operating profit $185 $155 $261 $(76)(29)% $30 19%Operating margin 10.6% 9.5% 14.1% (350)bps +110bps Non-IFRS operating profit(1) $236 $212 $322 $(86)(27)% $24 11%Non-IFRS operating margin(1) 13.6% 13.0% 17.4% (380)bps +60bps Net income $178 $155 $249 $(71)(29)% $23 15%Net income margin 10.2% 9.5% 13.4% (320)bps +70bps Non-IFRS net income(1) $229 $211 $308 $(79)(26)% $18 9%Non-IFRS net income margin(1) 13.2% 12.9% 16.6% (340)bps +30bps Diluted earnings per share (“EPS”) $0.32 $0.28 $0.45 $(0.13)(29)% $0.04 14% Non-IFRS diluted EPS(1) $0.41 $0.38 $0.55 $(0.14)(25)% $0.03 8% Non-IFRS adjusted EBITDA(1) $627 $610 $667 $(40)(6)% $17 3%Non-IFRS adjusted EBITDA margin(1) 36.1% 37.4% 36.0% +10bps (130)bps Cash from operating activities $375 $402 $416 $(41)(10)% $(27)(7)% Wafer shipments (300mm equivalent) (in thousands) 549 517 575 (26)(5)% 32 6% (1) Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS net income, Non-IFRS diluted EPS, Non-IFRS adjusted EBITDA and any related margins are all Non-IFRS measures. See “Reconciliation of IFRS to Non-IFRS” section for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful. Summary of Fourth Quarter 2024 Guidance(Unaudited, in millions, except per share amounts)(1) IFRS Share-based compensation Non-IFRS (2)Net revenue$1,800 – $1,850 — Gross profit$417 – $468 $13 – $15 $432 – $481Gross margin(3) (mid-point)24.3% 25.0% Operating profit$177 – $256 $45 – $55 $232 – $301Operating margin(3) (mid-point)11.9% 14.6% Net income (4)$161 – $236 $45 – $55 $216 – $281Net income margin(3) (mid-point)10.9% 13.6% Diluted EPS$0.29 – $0.43 $0.39 – $0.51 (1) The Guidance provided contains forward-looking statements as defined in the U.S. Private Securities Litigation Act of 1995, and is subject to the safe harbors created therein. The Guidance includes management’s beliefs and assumptions and is based on information that is currently available. (2) Non-IFRS gross profit, Non-IFRS operating expense, Non-IFRS operating profit, Non-IFRS net income and Non-IFRS diluted EPS are Non-IFRS measures and, for purposes of the Guidance only, are defined as gross profit, operating profit, net income and EPS before share-based compensation, respectively. Non-IFRS operating expense is calculated by subtracting Non-IFRS operating profit from Non-IFRS gross profit. (3) Non-IFRS margins are Non-IFRS measures and for purposes of the Guidance only, are defined as Non-IFRS gross profit, Non-IFRS operating profit and Non-IFRS net income, each divided by net revenue (using the definitions of Non-IFRS gross profit, Non-IFRS operating profit and Non-IFRS net income, in footnote (2) above, as appropriate). (4) Included in net income is net interest income and other income and expense which we estimate will be between $7 and $15 million for the fourth quarter 2024. Also included in net income is income tax expense which we estimate will be between $23 million and $35 million for the fourth quarter 2024. Consolidated Statements of Operations(Unaudited, in millions, except for per share amounts) Three Months Ended September 30, 2024 September 30, 2023 Net revenue $1,739 $1,852 Cost of revenue 1,325 1,323 Gross profit $414 $529 Operating expenses: Research and development 130 108 Selling, general and administrative(1) 98 143 Restructuring charges 1 17 Total operating expenses $229 $268 Operating profit $185 $261 Finance income (expense), net 15 3 Other income (expense) (5) (21)Income tax expense (17) 6 Net income $178 $249 Attributable to: Shareholders of GlobalFoundries 177 249 Non-controlling interest 1 — EPS: Basic $0.32 $0.45 Diluted $0.32 $0.45 Shares used in EPS calculation: Basic 552 553 Diluted 555 556 (1) Beginning in Q3 2023, selling, general and administrative includes (gain)/loss on tool sales and certain contract cancellation fees. Prior period amounts have not been adjusted, as they are immaterial. Condensed Consolidated Statements of Financial Position(Unaudited, in millions) September 30, 2024 December 31, 2023 Assets: Cash and cash equivalents $2,286 $2,387 Marketable securities 1,187 1,033 Receivables, prepayments and other 1,323 1,420 Inventories 1,802 1,487 Current assets $6,598 $6,327 Deferred tax assets $197 $241 Property, plant and equipment, net 8,950 9,829 Right of use assets 492 335 Marketable securities 860 468 Other assets 1,008 844 Non-current assets $11,507 $11,717 Total assets $18,105 $18,044 Liabilities and equity: Current portion of long-term debt $541 $571 Other current liabilities 2,182 2,528 Current liabilities $2,723 $3,099 Non-current portion of long-term debt $1,772 $1,801 Non-current portion of lease obligations 443 350 Other liabilities 1,585 1,643 Non-current liabilities $3,800 $3,794 Total liabilities $6,523 $6,893 Shareholders’ equity: Common stock / additional paid-in capital $23,982 $24,038 Accumulated deficit (12,536) (13,001)Accumulated other comprehensive income 87 67 Non-controlling interest 49 47 Total liabilities and equity $18,105 $18,044 Condensed Consolidated Statements of Cash Flows(Unaudited, in millions) Three Months Ended September 30, 2024 September 30, 2023 Operating Activities: Net income$178 $249 Depreciation and amortization 396 366 Finance (income) expense, net and other 12 7 Deferred income taxes 37 (4)Other non-cash operating activities 15 16 Net change in working capital (263) (218)Net cash provided by operating activities$375 $416 Investing Activities: Purchases of property, plant equipment, and intangible assets$(162) $(323)Acquisitions, net of cash acquired (69) — Other investing activities (32) 10 Net cash used in investing activities$(263) $(313) Financing Activities: Proceeds (repayment) of debt, net$(10) $(54)Other financing activities (2) 1 Net cash used in financing activities $(12) $(53)Effect of exchange rate changes 2 (2)Net change in cash and cash equivalents$102 $48 Cash and cash equivalents at the beginning of the period 2,184 1,832 Cash and cash equivalents at the end of the period$2,286 $1,880 Reconciliation of IFRS to Non-IFRS(Unaudited, in millions, except for per share amounts) Three Months Ended September 30, 2024 June 30, 2024 September 30, 2023 Net Revenue $1,739 $1,632 $1,852 Gross profit $414 $395 $529 Gross margin 23.8% 24.2% 28.6%Share-based compensation 15 16 12 Non-IFRS gross profit(1) $429 $411 $541 Non-IFRS gross margin(1) 24.7% 25.2% 29.2% Selling, general and administrative(2) $98 $114 $143 Share-based compensation 27 28 25 Non-IFRS selling, general and administrative(1) $71 $86 $118 Research and development $130 $121 $108 Share-based compensation 8 8 7 Non-IFRS research and development(1) $122 $113 $101 Operating profit $185 $155 $261 Operating margin 10.6% 9.5% 14.1%Share-based compensation 50 52 44 Restructuring charges 1 5 17 Non-IFRS operating profit(1) $236 $212 $322 Non-IFRS operating margin(1) 13.6% 13.0% 17.4% Net income $178 $155 $249 Net income margin 10.2% 9.5% 13.4%Share-based compensation 50 52 44 Restructuring charges 1 5 17 Income tax effect(3) — (1) (2)Non-IFRS net income(1) $229 $211 $308 Non-IFRS net income margin(1) 13.2% 12.9% 16.6% Diluted EPS $0.32 $0.28 $0.45 Share-based compensation 0.09 0.09 0.08 Restructuring charges — 0.01 0.03 Income tax effect(3) — — (0.01)Diluted shares outstanding 555 557 556 Non-IFRS diluted EPS(1) $0.41 $0.38 $0.55 (1) Non-IFRS gross profit, Non-IFRS selling, general and administrative, Non-IFRS research and development, Non-IFRS operating profit, Non-IFRS operating expense (calculated by subtracting Non-IFRS operating profit from Non-IFRS gross profit), Non-IFRS net income, Non-IFRS diluted EPS and any related margins are all Non-IFRS measures. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful. (2) Beginning in Q3 2023, selling, general and administrative includes (gain)/loss on tool sales and certain contract cancellation fees. Prior period amounts have not been adjusted, as they are immaterial. (3) Relates to restructuring charges. Reconciliation of IFRS to Non-IFRSNon-IFRS Adjusted Free Cash Flow(1)(Unaudited, in millions) Three Months Ended Nine Months Ended September 30, 2024 June 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net cash provided by operating activities $375 $402 $416 $1,265 $1,441 Less: Purchase of property, plant and equipment and intangible assets (162) (101) (323) (490) (1,576)Add: Proceeds from government grants 3 1 — 4 — Non-IFRS adjusted free cash flow(2) $216 $302 $93 $779 $(135) (1) Non-IFRS adjusted free cash flow is a Non-IFRS measure. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful. (2) Beginning Q1 2024 Non-IFRS adjusted free cash flow includes proceeds from government grants related to capital expenditures. This change in methodology is in anticipation of future expected proceeds from government grants related to capital expenditures from the planned funding awarded under the U.S. CHIPS and Science Act and the New York State Green CHIPS, and better aligns our Non-IFRS adjusted free cash flow metric to how GF assesses capital decisions internally. As such, prior periods have not been adjusted to reflect this new calculation methodology. Reconciliation of IFRS to Non-IFRSNon-IFRS Adjusted EBITDA(Unaudited, in millions) Three Months Ended September 30, 2024 June 30, 2024 September 30, 2023 Net revenue $1,739 $1,632 $1,852 Net income for the period 178 155 249 Net income margin 10.2% 9.5% 13.4%Depreciation and amortization 396 402 366 Finance expense 37 37 37 Finance income (52) (53) (40)Income tax expense (benefit) 17 12 (6)Share-based compensation 50 52 44 Restructuring charges 1 5 17 Non-IFRS adjusted EBITDA(1)(2) $627 $610 $667 Non-IFRS adjusted EBITDA margin(1)(2) 36.1% 37.4% 36.0% (1) For the periods presented, there were no labor optimization expenses or divestiture gains and associated expenses, legal settlements and transaction expenses. (2) Non-IFRS adjusted EBITDA and any related margin are Non-IFRS measures. See “Financial Measures (Non-IFRS)” for a discussion of why we believe these Non-IFRS measures are useful. Financial Measures (Non-IFRS) In addition to the financial information presented in accordance with International Financial Reporting Standards (“IFRS”), this press release includes the following Non-IFRS measures: Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS operating expense, Non-IFRS net income, Non-IFRS selling, general and administrative, Non-IFRS research and development, Non-IFRS diluted earnings per share (“EPS”), Non-IFRS adjusted EBITDA, Non-IFRS adjusted free cash flow and any related margins. We define each of Non-IFRS gross profit, Non-IFRS selling, general and administrative and Non-IFRS research and development as each respective IFRS measure adjusted for share-based compensation. We define Non-IFRS operating profit as operating profit adjusted for share-based compensation and restructuring charges. We define Non-IFRS operating expense as Non-IFRS gross profit minus Non-IFRS operating profit. We define Non-IFRS net income as net income adjusted for share-based compensation, restructuring charges and the associated tax impact. We define Non-IFRS diluted EPS as Non-IFRS net income divided by the diluted shares outstanding. We define Non-IFRS adjusted free cash flow as cash flow provided by (used in) operating activities less purchases of property, plant and equipment and intangible assets plus proceeds from government grants related to capital expenditures. We define Non-IFRS adjusted EBITDA as net income, adjusted for the impact of finance expense, finance income, income tax expense (benefit), depreciation and amortization, share-based compensation, restructuring charges, labor optimization initiatives and divestiture gains and associated expenses, legal settlements and transaction expenses. We define Non-IFRS gross margin as Non-IFRS gross profit divided by revenue. We define Non-IFRS operating margin as Non-IFRS operating profit divided by net revenue. We define Non-IFRS adjusted EBITDA margin as Non-IFRS adjusted EBITDA divided by net revenue. We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. These Non-IFRS financial measures provide supplemental information regarding our operating performance that excludes certain gains, losses and non-cash charges that occur relatively infrequently and/or that we consider to be unrelated to our core operations. Management believes that Non-IFRS adjusted free cash flow as a Non-IFRS measure is helpful to investors as it provides insights into the nature and amount of cash the Company generates in the period. For further information regarding these Non-IFRS measures, please refer to the “Reconciliation of IFRS to Non-IFRS” tables. Non-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of Non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as a comparative measure. Conference Call and Webcast Information GF will host a conference call with the financial community on Tuesday, November 5, 2024 at 8:30 a.m. U.S. Eastern Time (ET) to review the third quarter 2024 results in detail. Interested parties may join the scheduled conference call by registering at https://register.vevent.com/register/BI956a6ac1895c4c5fb6287253c584e9bc. The call will be webcast and can be accessed from the GF Investor Relations website https://investors.gf.com. A replay of the call will be available on the GF Investor Relations website within 24 hours of the actual call. About GlobalFoundries GlobalFoundries® (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 press release includes “forward-looking statements” that reflect our current expectations and views of future events. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and include but are not limited to, statements regarding our financial outlook, future guidance, product development, business strategy and plans, and market trends, opportunities and positioning. These statements are based on current expectations, assumptions, estimates, forecasts, projections and limited information available at the time they are made. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” “outlook,” “on track” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a broad variety of risks and uncertainties, both known and unknown. Any inaccuracy in our assumptions and estimates could affect the realization of the expectations or forecasts in these forward-looking statements. For example, our business could be impacted by geopolitical conditions such as the ongoing political and trade tensions with China and the wars in Ukraine and Israel; domestic political developments, including with respect to the U.S. presidential election; the market for our products may develop or recover more slowly than expected or than it has in the past; we may fail to achieve the full benefits of our restructuring plan; our operating results may fluctuate more than expected; there may be significant fluctuations in our results of operations and cash flows related to our revenue recognition or otherwise; a network or data security incident that allows unauthorized access to our network or data or our customers’ data could result in a system disruption, loss of data or damage our reputation; we could experience interruptions or performance problems associated with our technology, including a service outage; global economic conditions could deteriorate, including due to increasing interest rates, rising inflation and any potential recession; and our expected results and planned expansions and operations may not proceed as planned if funding we expect to receive (including the planned awards under the U.S. CHIPS and Science Act and New York State Green CHIPS) is delayed or withheld for any reason. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. You should not rely upon forward-looking statements as predictions of future events. These statements are based on our historical performance and on our current plans, estimates and projections in light of information currently available to us, and therefore you should not place undue reliance on them. Although we believe that the expectations reflected in our statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assumes responsibility for the accuracy and completeness of these statements. Recipients are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statements are made and should not be construed as statements of fact. Except to the extent required by federal securities laws, we undertake no obligation to update any information or any forward-looking statements as a result of new information, subsequent events or any other circumstances after the date hereof, or to reflect the occurrence of unanticipated events. For a discussion of potential risks and uncertainties, please refer to the risk factors and cautionary statements in our 2023 Annual Report on Form 20-F, current reports on Form 6-K and other reports filed with the Securities and Exchange Commission (SEC). Copies of our SEC filings are available on our Investor Relations website, investors.gf.com, or from the SEC website, www.sec.gov. For further information, please contact: Investor Relations[email protected]
GlobalFoundries, Witmem, and Microchip Announce Sampling of WTM-8 8K/120 FPS Video Processor for High-Performance, Low-Power AI Applications October 24, 2024 The innovative AI video processing solution, built on GF’s 12LP+ and 28ESF3 platforms, features SuperFlash® technology to efficiently store and process millions of AI interference parameters MALTA, N.Y. and BEIJING, October, 24, 2024 — GlobalFoundries® (GF), Witmem Technology, and Microchip Technology via its subsidiary Silicon Storage Technology (SST) today announced the sampling of Witmem’s WTM-8 8K/120FPS AI video processor, which is ideal for high performance, low power consumption applications such as AR/VR headsets and advanced 8K TVs and video screens. The WTM-8 achieves superior AI video processing performance by combining two chiplets, the digital logic chiplet built utilizing GF’s 12LP+ platform, and the analog compute-in-memory (aCIM) chiplet built utilizing GF’s 28ESF3 platform leveraging SST’s SuperFlash® technology. The WTM-8 efficiently stores and processes up to 64 million AI inference parameters within the SuperFlash® memory array, eliminating unnecessary data movement and power. The WTM-8 is fully reprogrammable to future-proof the processor as AI video models rapidly evolve. The WTM-8 features include: Supports AI-based video enhancement solutions including frame interpolation, super resolution, asynchronous Timewarp, object recognition and a multitude of complex edge computing scenarios. Achieves 4K/8K @ 60/120FPS frame interpolation, super resolution, HDR wide dynamic range and superior noise reduction for video displays. Best in class FPS/watt performance, achieving 8K/120FPS AI video processing consuming less than 2 watts. Best in class FPS/$ cost effectiveness, outperforming GPU and DRAM based solutions that cost up to 10x more than the WTM-8. SuperFlash memory array for optimal efficiency and processing. “Our partnership with Witmem to bring their WTM-8 AI video processor to the stage of sampling underscores GF’s commitment to creating future-ready solutions for edge AI devices,” said Michael Hogan, chief business unit officer at GF. “Witmem is redefining the edge computing landscape by combining chiplets built on GF 12LP+ with an industry-first analog compute-in-memory built on our 28ESF3 platform to achieve unparalleled performance.” “Witmem has discovered an ideal AI product collaboration partner in GF,” added Dr. Shaodi Wang, Witmem’s Founder and CEO. “We look forward to further collaboration with GF to release the WTM-8 to mass production, and to pave the way for a new generation of low power, cost effective AI processor products for high-performance imaging, video display, and augmented reality applications.” Customers interested in GF’s 12LP+ and 28 ESF3 platform solutions should inquire at www.gf.com/about-us/contact-us for more information. Customers interested in Witmem’s WTM-8 and AI audio and video processing solutions should access the Witmem website located at www.witmem.com/WTM-8.php and contact [email protected] for more information. Customers interested in SST’s ESF1, ESF3, and memBrain IP offerings should access the SST website located at www.sst.com. About GF GlobalFoundries (GF) is a leading manufacturer of essential semiconductors the world relies on to live, work and connect. We innovate and partner with customers to deliver more power-efficient, high-performance products for the automotive, smart mobile devices, internet of things, communications infrastructure and other high-growth markets. With our global manufacturing footprint spanning the U.S., Europe, and Asia, GF is a trusted and reliable source for customers around the world. Every day, our talented and diverse team delivers results with an unyielding focus on security, longevity, and sustainability. For more information, visit www.gf.com. About Witmem Technology Witmem Technology, founded in 2017, is dedicated to computing-in-memory technology development for edge AI and has received continuous financial funding from famous VCs. In 2022, Witmem released its first commercial computing-in-memory chip that has been used in several mass-production products showing 10-50X advantage in energy efficiency. Witmem will continuously enhance computing performance and build an energy-efficient infrastructure for the popularization of AI technology. www.witmem.com/index.php ### Note: The Microchip name and logo, the Microchip logo, SuperFlash and SST are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. memBrain is a trademark of Microchip Technology Inc. in the U.S.A. and other countries. All other trademarks are the property of their respective companies. Media Contact: GlobalFoundries Stephanie Gonzalez [email protected]
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GlobalFoundries and NXP to Deliver Next-Generation 22FDX Solutions for Automotive, IoT and Smart Mobile October 23, 2024 Building on years of collaboration, this new process technology collaboration will provide power-efficient and secure connectivity solutions for essential consumer and industrial applications manufactured both in Europe and the U.S. MALTA, N.Y. and EINDHOVEN, Netherlands, October 23, 2024– GlobalFoundries (Nasdaq: GFS) (GF) and NXP Semiconductors (NASDAQ: NXPI) today announced collaboration to drive next-generation solutions across a range of end markets including automotive, IoT and smart mobile devices. This collaboration leverages GF’s 22FDX® process technology platform and global manufacturing footprint to optimize the power, performance and time-to-market of NXP’s solutions. GF’s 22FDX chips will be manufactured in Dresden and Malta, New York, providing NXP geographically diverse supply for their customers. The new collaboration, building on the longtime relationship between NXP and GF, will enable NXP to provide more compact and power-efficient solutions while increasing the overall performance of their system solutions. The companies will leverage GF’s 22FDX platform, which optimizes performance by dynamically adjusting to the lowest possible voltage, delivering ultra-low power consumption and high performance for the most demanding applications. Purpose-built for intelligence at the edge, 22FDX optimizes energy management to deliver up to 50% higher performance and 70% less power used versus other planar CMOS technologies. “NXP’s innovative portfolio of high-performance solutions is crucial to enabling the essential technologies at the center of our increasingly connected world,” said Andy Micallef, executive vice president and chief operations and manufacturing officer at NXP. “GF’s 22FDX platform’s power efficiency and enhanced performance effectively enables our customers to build the next generation of connected and secure solutions. Additionally, GF’s robust manufacturing presence for 22FDX in Germany and the U.S. helps support our goals of having supply control and geographic resilience in our manufacturing base.” “Our close collaboration for over a decade has been a testament to the strength of our shared vision and commitment,” said Niels Anderskouv, chief business officer at GF. “As we move forward, we’re excited to build on this foundation and further enable NXP’s next-generation solutions with high-power efficiency and optimal performance, without customers needing to compromise on either.” The 22FDX platform also maximizes performance per area by integrating digital, analog, RF, power management, and non-volatile memory (NVM) onto a single die. With best-in-class RF connectivity, 22FDX delivers responsive and reliable wireless connectivity for simple and secure connections. Integrated NVM reduces power consumption and latency while improving security, especially important given the growing memory footprint for Edge AI processors. Through this integration, NXP will create a one-stop shop platform to serve multiple markets while maximizing IP reuse. With technology qualified for Automotive Grade 1 and 2 applications, 22FDX ensures exceptional reliability in extreme automotive conditions. As part of GF’s AutoPro™ solutions, the 22FDX platform includes advanced temperature-resistant capabilities up to 150°C junction temperature, which is critical to ensuring the long-term durability and safety of vehicle electronic systems. Built on a rich heritage of FDX innovation, GF has a robust portfolio of silicon and product-proven IP for Automotive, Communications, and IoT applications. With a secure, global supply chain, GF has shipped more than 3 billion FDX chips to customers worldwide from Dresden and is now also shipping from Malta, N.Y. Following the companies’ previous joint development of 40nm NVM technology, GF is well positioned to support NXP’s next-gen solutions for years to come through its ongoing innovations to its FDX and FDX+ platforms. About GF GlobalFoundries (GF) is a leading manufacturer of essential semiconductors the world relies on to live, work and connect. We innovate and partner with customers to deliver more power-efficient, high-performance products for the automotive, smart mobile devices, internet of things, communications infrastructure and other high-growth markets. With our global manufacturing footprint spanning the U.S., Europe, and Asia, GF is a trusted and reliable source for customers around the world. Every day, our talented and diverse team delivers results with an unyielding focus on security, longevity, and sustainability. For more information, visit www.gf.com. About NXP Semiconductors NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP’s “Brighter Together” approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $13.28 billion in 2023. Find out more at www.nxp.com. Media Contact: GlobalFoundriesStephanie Gonzalez[email protected] NXP SemiconductorsPaige Iven[email protected]
IDEMIA Secure Transactions Pledges to a Sovereign European Value Chain at the Inauguration of its New Plant in Vitré, France October 15, 2024
GF Making Progress on its Journey to Zero Carbon October 15, 2024 By Brian RaleyDirector of Corporate Environmental, Health, and Safety and Sustainability, GlobalFoundries GlobalFoundries (GF) has a long history of sustainability and is committed to corporate responsibility. In 2021, we embarked on a Journey to Zero Carbon. The goal at that time was to reduce greenhouse gas (GHG) emissions by 25% from 2020 to 2030, even with an expanding global manufacturing footprint. Independent analysts consistently rank our overall ESG performance in the top 10 percent versus our peers. Building on that success, earlier this year GF announced two new long-term goals that align with the Paris Agreement on climate change: to achieve by 2050 both net-zero GHG emissions and also the use of 100% carbon-neutral power. (Net-zero is the term for significantly reducing GHG emissions and offsetting any residuals, with the purpose of mitigating global warming and keeping the global rise in temperature well below 2°C above pre-industrial times.) Those are formidable challenges, but it’s imperative that we meet them for many different reasons. One is that our customers are increasingly choosing to engage with more environmentally responsible suppliers. Another is that more and more people want to work at an organization where sustainability is prioritized. A third driving force is the need to meet ever-more stringent government regulations. Finally, and fundamentally, the world’s health simply depends on it. So, how will we get there? I’d like to share with you the outline of GF’s emissions-reduction roadmap to 2050, which has both GF-specific and industry-wide components. Internally, our strategy has two main pillars, and GF’s manufacturing facilities and expansions will be designed, operated and built in accordance with them. Externally, we are collaborating with outside organizations to develop industry-wide solutions. Reducing Direct (Scope 1) Emissions from GF’s Sites The first pillar comprises opportunities to reduce GHGs by focusing on GF’s direct (Scope 1) emissions, mainly from the manufacturing processes at our worldwide sites. One initiative is to replace some of the heat-transfer fluids currently used in various wafer manufacturing processes with alternatives offering comparable performance but with lower global-warming impacts. Another opportunity has to do with the cleaning of the tool chambers in which wafers are placed for processing. GF has hundreds of production tools in its manufacturing facilities globally. Retrofitting many of them so that more environmentally friendly nitrogen trifluoride can be used as a chamber cleaning agent, instead of traditional chemistries, will lead to a significant overall reduction in GHG emissions. A third Scope 1 opportunity is to install abatement systems with the capability to capture and treat fluorinated waste gases (i.e., GHGs) from production operations in GF’s legacy fabs. Abatement is the term used for the various systems which treat the gases used in semiconductor manufacturing. Reducing Indirect (Scope 2) Emissions The second pillar of our strategy addresses the indirect emissions which occur as a result of the production of the electricity that GF’s sites consume. First and foremost, we are engaged in finding any and all practical ways to reduce the amount of electricity GF’s fabs require. This has cost benefits in addition to reducing our environmental footprint. However, since we’re aiming for net zero, usage reduction alone ultimately isn’t going to be enough, and so we are working to source lower-carbon/carbon-free electricity sources as well. There is no one universal way to do this, because each of our sites has a unique emissions profile related to its electricity usage based on the age of the site, its original design, the infrastructure in place, what the source of power is, the characteristics of the local power grid, and so forth. For example, at GF’s oldest manufacturing site in Burlington, Vermont, the goal is to install solar generating systems and maximize the use of that site’s large campus for solar production to help meet our renewable energy goals. But at GF’s newest manufacturing facility, our Singapore expansion that opened in 2023, the goal from the outset was to achieve a good balance between GF’s production requirements, significantly lower energy usage, and the use of lower-carbon energy sources. It is solar-ready by design, to reduce the use of fossil fuels in its electricity supply. Taking that a step further, earlier this year GF signed a multi-year power purchase agreement with Keppel Ltd. under which Keppel will provide 150-180 MW of electricity yearly from the forthcoming Keppel Sakra Cogen (KSC) Plant. KSC is expected to be one of the most advanced and energy-efficient power plants in Singapore, enabling GF to reduce CO2 emissions from its Singapore operations by up to 70,000 tons per year. Also, with the ability to use hydrogen as part of its feedstock, it is expected that KSC ultimately will be able to provide GF with a resilient source of even lower-carbon power. An additional Scope 2 strategy is for GF to purchase Renewable Energy Certificates as needed. These represent investments in renewable energy projects that may not necessarily be directly connected to GF’s electricity sources, but which provide an offsetting credit. Industry Collaborations In a global industry as complex and essential as semiconductor manufacturing, with a large and diverse supply chain, there are industry-wide issues which no one company can solve by itself. Collaboration with others is essential. That is why GF is a founding member of the Semiconductor Climate Consortium, and was the first semiconductor manufacturer to join the IMEC SSTS (Sustainable Semiconductor Technologies & Systems) program. We anticipate that these engagements will lead to solutions to improve the emissions performance of the industry as a whole. Learn More GF has many opportunities to reduce its direct GHG emissions, to reduce its energy usage, and to remove carbon from its energy sources. To learn more about GF’s Journey to Zero Carbon and our other environmental, social and corporate governance initiatives, please click here to view our 2024 Sustainability Report. Brian Raley is the Director of Corporate Environmental, Health, and Safety and Sustainability at GlobalFoundries. Based in Malta, New York, Brian has been with GF since its founding in 2009. He has focused on sustainability efforts in the semiconductor industry for 29 years.
At the Heart of GlobalFoundries: Manufacturing and the Vision of Pradip Singh October 4, 2024 At the core of GlobalFoundries (GF) operations lies one driving force: manufacturing excellence. With over 7 million square feet of fabrication facilities — equivalent to nearly 95 Liverpool soccer fields — across three continents, GF’s vast manufacturing footprint is central to the company’s mission and success. Leading this critical operation is Chief Manufacturing Officer Pradip Singh who, alongside a dedicated and talented team, ensures the smooth functioning of these fabs and the people who bring them to life every day. Singh’s leadership is defined by his open-door policy, passion for storytelling, and a commitment to listening before speaking. These qualities have enabled him to build meaningful relationships and strengthen collaboration across GF’s global network of fabs. This is a key ingredient to a broader story: every member of GF’s manufacturing workforce contributes to the innovation, precision and resilience that drive the company’s success. In honor of World Manufacturing Day today, we celebrate Singh’s vision and leadership, which helps guide the collective efforts of our entire manufacturing team. Together, they advance global workflows, push the boundaries of what’s possible, and make GF’s mission a reality in every region where we operate. Shaping What’s Essential The heart of GF’s operation are the thousands of technicians, engineers and other professionals in the company’s state-of-the-art fabs across the globe, working tirelessly to meet the demand for essential chips that the world relies on to live, work and connect. Despite the highly automated nature of semiconductor manufacturing, human expertise and innovation are critical to every step of delivering for our customers, from initial chip designs, intellectual property security and fabrication, to final assembly and test. “These are some of the best and brightest engineering and manufacturing minds in the industry,” Singh said. “It is my privilege to work alongside them, learn from them, and lead them every day.” Singh expresses deep gratitude for the experiences that have defined his career and the individuals on his team who are shaping what’s essential — from producing the essential chips that power today’s innovations to ensuring GF continues to lead the way into the future. Inside the cleanroom at GF’s Singapore fab Manufacturing Excellence on a Global Scale With companies serving different end markets across the globe, it is vital to be able to satisfy customer demand for technologies within the region where they are based, Singh said. The GF team has found success in providing trusted and reliable manufacturing of differentiated essential chip technologies, globally and locally, that grows with customer demand. In fact, Singh calls it our team’s “golden advantage,” as it opens the opportunity for GF to serve different markets with the same customer in a way that competitors cannot. “We have customers that serve all corners of the world, so GF having the ability to manufacture chips where those customers need them — whether it’s in the U.S., Europe, or Asia — is a critical differentiator for us. Every company wants more resilient and shorter supply chains, fewer intermediaries, and to do business closer to home. As an example, that’s why GF manufactures chips for automotive communications, IoT, and other end-markets in all three of our regions,” Singh said. “The collaboration and cooperation amongst our fabs, our strong capabilities for tech transfers, supplying locally or serving different markets with the same customer, is huge for us. I think it’s our golden advantage.” This geographical diversification has been GF’s north star since the company was created in 2009, Singh said, and is represented right in the company’s name. In fact, he said, GF’s approach to semiconductor manufacturing and cultivating a truly global footprint is an advantage that some others in the foundry business have sought and are now taking steps to emulate. GF’s global manufacturing footprint spans three continents A Career Journey Crossing Continents Singh’s career in manufacturing spans over 25 years and multiple continents, starting on the shop floor as a fresh-faced manufacturing engineer in Singapore. Straight out of college, Singh’s career took off when he joined GF through its acquisition of Chartered Semiconductor in 2009. His talent and drive quickly propelled him from Singapore to Dresden, Germany, where he briefly led the lithography team, and eventually to GF’s fab in Malta, New York. There, he started with a single module under his supervision, but soon expanded his oversight to nine departments. “Every couple of years, I was entrusted with a little bit more responsibility until I was managing the entire end-to-end manufacturing process,” Singh said. “I used to joke that you couldn’t get a wafer into or out of the fab without passing through a department that reported to me.” His expertise caught the attention of GF CEO Dr. Thomas Caulfield, who tasked Singh with an even greater challenge: transforming the Burlington, Vermont, facility acquired from IBM to be more foundry-oriented. This opportunity marked one of the most rewarding chapters in Singh’s career, he said, as he revitalized this fab while reconnecting with the foundations of his work. After three years and feeling that he had maximized his contributions, Singh returned to the Malta NY fab to lead the central manufacturing organization and in early 2024 he was appointed to Chief Manufacturing Officer of GF. A wafer manufactured by GF The Power of a Global Background in Strategic Leadership Singh reflects on his career moves with immense gratitude for the diverse cultural experiences that have shaped his leadership. Today, he channels everything he’s learned from his global journey into his role, optimizing operational excellence across GF’s network of fabs. He said his path had made a “monumental” impact on his career. “I wouldn’t be the person I am today if it weren’t for the fact that GF has a global footprint,” Singh said. “How many people get the opportunity to work on three different continents, in three distinct and unique cultures? I’m really blessed.” Singh has cultivated a deep appreciation for the strengths of each culture he’s experienced. His approach is not just about recognizing the differences, but intentionally blending them to enhance GF’s global operations. Singh’s vision is to harness the strengths of each fab and propagate them across other regional sites, driving consistency in processes while achieving peak performance at every location. Under Singh’s leadership, this strategy has already borne significant results, including driving reductions in dynamic cycle times for our fabs, implementing global efficiencies and spending reductions, and ramping up fab capacities through tool and asset optimizations. His ability to merge diverse approaches has enabled GF to operate at its highest level across continents, setting a global standard for excellence. Advice for to future engineers Reflecting on his professional journey, Singh emphasizes one key piece of advice for young people aiming to build a career in semiconductors or manufacturing: master the art of communication. While technical expertise is undoubtedly essential, he believes that the true differentiator between a good career and a great one lies in the ability to effectively convey complex ideas in simple terms. “The problem is that as engineers, or anybody with a technical background for that matter, we tend to go into the weeds when it comes to telling the story,” Singh said. “Too often, brilliant ideas fall flat because they aren’t communicated in a way that decision-makers can understand. The power to articulate technical concepts clearly and persuasively can make all the difference in driving innovation and securing leadership support.” If you know him, this advice comes as no surprise. Singh’s penchant for storytelling is central to his leadership style. Whether he’s using anecdotes to motivate the team or a personal recollection to explain a technical point, Singh leverages storytelling as a tool for connection. It’s this ability to engage people on both a professional and personal level that has helped fuel his success — and it’s a skill he believes is invaluable for the next generation of semiconductor engineers, innovators and leaders.
GlobalFoundries Recognized as a Best Workplace for Innovators by Fast Company September 24, 2024 Innovation is the driving force behind progress. At GlobalFoundries (GF), we’re proud that this force is celebrated, nurtured, and empowered, so much so that GF has now been recognized by Fast Company as one of the 2024 “Best Workplaces for Innovators.” This accolade, specifically in the Science and Technology category, highlights our longstanding dedication to fostering a workplace where creativity and cutting-edge innovation thrive. Shaping What’s Essential to Build a Legacy of Innovation For the past 15 years, GF has been at the forefront of the semiconductor industry, creating essential chips that are critical to the technology we rely on daily. From smart speakers to electric vehicles and beyond, GF’s chips are the lifeblood of modern devices that power how we live, work, and connect. “We’ve made it our goal to empower our global team of innovators — whether they be recent college graduates or veteran engineers — to shape what’s essential in our world,” says Gregg Bartlett, our Chief Technology Officer. “I’m proud that everyone at GF has a hand in driving our mission forward, to manufacture the essential chips the world relies on.” This spirit of innovation permeates every corner of GF, and it’s reflected in the recognition for achievements like the company’s 22FDX® platform, which boasts up to 50% higher performance and 70% less power consumption compared to other planar CMOS technologies. From AI accelerators to advanced automotive sensors, GF’s dedication to innovation has left an indelible mark on the industries we serve. GF’s director of GF Labs, Bika Carter and director of corporate communications, Erica McGill Powering Tomorrow with Research and Development At the heart of GF’s technological advancements is our commitment to research and development (R&D). Through GF Labs, the company dives into some of the most promising technological megatrends, including IoT, 5G/6G, and artificial intelligence (AI). This commitment to R&D is backed by strategic partnerships with academic institutions like such as Purdue University, Georgia Tech, Technische Universität Dresden, the University of Vermont and Rensselaer Polytechnic Institute (RPI). These collaborations not only drive technological advancements but also position GF as a leader in semiconductor innovation. GF’s University Partnership Program, spanning over 50 universities globally, reflects the company’s desire to bridge the gap between academic research and real-world applications. “As we continue to grow, we remain dedicated to our mission of shaping what’s essential,” said Bika Carter, Director of GF Labs. “Being recognized by Fast Company highlights the collective efforts of our employees and our global university partnerships that are enabling us to push the boundaries of technology and deliver innovative solutions to our customers, partners and the world.” A Workplace Culture Built on Innovation Innovation at GlobalFoundries doesn’t stop at technology — it extends to the workplace culture, which is designed to foster creativity, collaboration, and inclusion. With programs like Employee Resource Groups (ERGs) and the Global Journey Re-Entry Program, GF supports diverse voices and experiences, ensuring that everyone has a chance to contribute to the company’s innovation agenda. “We believe that innovation thrives in an inclusive environment,” comments Pradheepa Raman, our Chief People Officer. “That’s why we’ve invested in creating a workplace where all our employees, from recent graduates to seasoned engineers, feel empowered to push boundaries and drive technological progress.” Beyond its inclusive programs, we also offer forward-thinking benefits like a student loan repayment program, providing tax-free assistance up to $28,500, showcasing our commitment to lifelong learning and development. Innovation Propelled by Our People The core of our team’s success lies in our people. Every achievement, every advancement, and every milestone is the result of the hard work and ingenuity of GF’s global workforce. From engineers to technicians to business leaders, our team brings their passion for innovation to every task, driving the company forward and pushing the boundaries of what’s possible. To learn more about how GF is shaping what’s essential and creating a workplace where innovation flourishes, visit gf.com/careers.
Paving the Path for Industry Innovation: A Conversation with Ken McAvey September 16, 2024 Ken discusses his career from process engineer to Vice President and General Manager of Vermont Operations and Global Facilities, the CHIPS and Science Act and the future of GlobalFoundries’ longest operating Fab Meet Ken McAvey. Many here at GlobalFoundries (GF) know him as an engineer who now heads up GF’s longest-operating and most storied Fab. But Ken’s roots with GF’s Burlington, Vermont, manufacturing site date back almost 30 years, and his ties to the region, its technology sector and local community run even deeper. Starting as a process engineer out of college—back when the site was owned by IBM—Ken held various leadership roles until his recent appointment as Vice President and General Manager of Vermont Operations and Global Facilities. Today, Ken is focused on the future. Following the announcement of GF’s proposed award of funding under the CHIPS and Science Act, we spoke with him about the impact on America’s first and largest Trusted Foundry, the technology it will produce and what it means for the Green Mountain State. You grew up in Vermont – and have spent most of your career at GF’s Burlington Fab. What was your journey from the start of your professional life to now running this 24/7 operation? Since beginning my career as a process engineer, I have been fortunate to have had a wealth of opportunities to work in various areas of the business. My experience includes working in manufacturing, process integration, overseeing characterization and integration and handling capacity planning and Technology development. I also had the privilege of leading the GF Central engineering team, driving best known processes across all of GF’s fabs to achieve optimal results, facilitate effective knowledge sharing and foster innovation. Subsequently, I returned to the Vermont site as the Senior Director of Module Engineering. Today, I have the tremendous honor to serve as the Vice President and General Manager of Vermont Operations and Global Facilities. My success is due in large part to the support and guidance of my great mentors and colleagues, both past and present, who provided me with invaluable opportunities to advance my career. Running a GF manufacturing site sounds complex – and busy! What does your day to day like? One of the most exciting aspects of working in the semiconductor industry is that no two days are the same. While we plan our days and weeks in advance, the dynamic nature of the business means that our schedules are constantly evolving. At the core of our operations is a robust management system that ensures we consistently deliver quality products for our customers, on time, while maintaining a thriving workforce. Over the course of a week, our meetings focus on key areas such as quality, cost, delivery and team management, but the dynamic nature of working in a 24/7 factory presents ongoing opportunities for improvement and growth. As a result, our schedules and plans are constantly shifting to adapt to new challenges and opportunities. There’s so much history here at the Vermont Fab – and you’ve been part of a lot of it. As the Fab enters its next chapter, what are you most excited about following GF’s CHIPS Act announcement? This is a once in a lifetime opportunity. The proposed investment underscores the vital role that GF’s Vermont Fab plays in domestic semiconductor manufacturing and the industry as a whole. With a 67-year history as the country’s first Trusted Foundry, this award is a testament to the decades of teamwork and innovation that have taken place in Essex Junction. The proposed funding will drive change at the Fab in three key ways: Continuing modernization of the site, including infrastructure, buildings and facility operations. Upgrading semiconductor equipment inside the fab to increase productivity, energy efficiency and environmental friendliness. Expanding our Gallium Nitride (GaN) semiconductor manufacturing capabilities, positioning GF’s Vermont Fab to become the country’s largest 200-millimeter GaN foundry. Tell us more about GaN and GF’s role in next-generation GaN chips. Gallium Nitride (GaN) semiconductors are advanced materials used in electronics that offer superior efficiency and performance in power and high-frequency applications compared to traditional silicon. Recently, GF received a $35 million investment from the U.S. government to boost production of these chips for use in sectors like aerospace and defense, cellular communications, industrial IoT and the automotive industry. This initiative is particularly thrilling as it builds upon our legacy of innovation and highlights our facility’s ongoing contributions to the industry in making essential chips. As we work to establish Vermont as a global GaN hub, we are enhancing our team’s skills and recruiting nationally to attract top talent in GaN technology. Our collaboration with the University of Vermont is crucial. This partnership leverages GF’s technology and is a testament to our strong local collaboration. Additionally, this summer we completed the acquisition of Tagore Technology’s Gallium Nitride Power business, which includes its extensive IP portfolio and its team of GaN engineers. Tell us more about the sustainability initiatives that the proposed funding will support. Being in the Green Mountain State, we are immensely proud of our unwavering commitment to the environment. Through the proposed funding, the Fab is exploring CO2 abatement technology to reduce greenhouse gas (GHG) emissions, as well as investing in wastewater treatment facilities and solar power on-site. We are also exploring how to maximize the use of our large campus at Fab 9 for solar production and have begun the permitting process for our first phase of buildout. As we work to align our facilities with our environmental goals, this will be a continuation of the environmental leadership our Fab is providing not only across the state, but also the country. How do you anticipate Vermont’s workforce evolving in the coming years? We are deeply committed to developing our workforce and fostering diversity through all levels of the organization. Last year, 50% of new college graduates were women. Ongoing efforts to diversify our workforce are bolstered by our partnerships with universities and technical schools. With the additional funding provided by this announcement, we are poised to further drive our workforce development initiatives, attracting and retaining the best talent in the industry. For you, what has been the highlight of working with the wider Vermont community? As Vermont’s largest private, for-profit employer, we recognize the significant impact we have on the community and take our responsibility to heart. We are committed to fostering an inclusive and integrated approach to community engagement, both within and beyond our four walls. Our efforts include hosting Lake Champlain’s Chamber of Commerce kickoff, organizing employee events at University of Vermont sports outings and something that I am passionate about – sponsoring the FIRST Robotics Competition. One particularly memorable moment for me was when 23 of our team members bravely plunged into Lake Champlain to raise nearly $19,000 for the Special Olympics! The outpouring of community recognition following the announcement of the CHIPS investment to GF has been overwhelming. From congratulatory messages on LinkedIn to well-wishers stopping me at the supermarket, the support from the community and state has been truly heartwarming. It truly is a win-win for everyone. Looking forward, what is your vision for the Fab’s role in contributing to the growing semiconductor industry? GF’s Vermont Fab is a center of excellence for innovation, leading the world in 200 mm manufacturing, copper interconnects and RF-SOI technology that power today’s smartphones. With the CHIPS Act investment, GaN is set to become the next flagship example of the Fab’s pioneering work in the industry. I’m thrilled to see our site continue its legacy of innovation in the semiconductor industry through our future innovations.
Enosemi and GlobalFoundries announce the availability of silicon-validated electronic-photonic design IP available in the GF Fotonix platform September 12, 2024