Intel is spending big time in its Rio Rancho, New Mexico facility to increase its chip packaging technology. reports indicate that the chipmaker will be committing $3.5 billion for this project and plans to increase the Foveros packaging technology by 40%.
Foveros, an advanced 3D packaging technology that allows vertical stacking of compute tiles and is a key component of Intel’s latest chips such as the 7nm Meteor Lake processors, is extremely vital for intel’s future.
The latest technology, as explained by Intel allows for the integration of diverse computing engines across multiple process technologies. The company will also be hiring an additional 700 staff as the facility expands and reports indicate that the silicon maker employs 1,800 personnel on-site and is expected to hire 1,000 construction workers starting this year and spend $550 million on construction and new infrastructure.
To boos, the facility, New Mexico’s state government announced that a portion of taxes Intel pays on its construction spending can be rebated back to the company. This is good news for Intel, as the amount is valued at up to $14 million, split between the state and the local governments of Rio Rancho and the surrounding County.
Intel also getting big support from other parts of the country, according to sources, the state has pledged an additional $5 million from a local development fund, and also Sandoval County, home to the Intel plant, is pledging an additional $500,000 along with the City of Rio Rancho pledging $250,000 to the expansion of its development fund for Intel.
However, according to the representatives of New Mexico’s Economic Development Department, the staggering figures will be accessible to Intel, if the construction spend hits $550 million and the company hires 700 new employees as promised. Should these goals not be hit, the amount would be less.