U.S. Department of Commerce Announces Preliminary Terms for Rogue Valley

On July 1, the Biden-Harris Administration announced that the U.S. Department of Commerce and Rogue Valley Microdevices (RVM) have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $6.7 million in proposed direct funding under the CHIPS and Science Act. The proposed CHIPS investment would support the construction of RVM’s pure play microelectromechanical systems (MEMS) and sensor foundry facility in Palm Bay, Florida, and is estimated to nearly triple RVM’s manufacturing capacity. 

Additionally, this is the first announced proposed CHIPS investment in a women and minority owned business. The proposed investment highlights the important role smaller businesses play in the semiconductor ecosystem, especially in the development and innovation of specialized technologies such as MEMS.