HP Inc. will get $53 million to expand and modernize its Corvallis facilities as part of the federal CHIPS and Science Act. The Biden Administration announced the grant award Monday. President Joe Biden has made reviving the U.S. semiconductor industry a priority of his administration.

The Biden administration and HP Inc. (NYSE: HPQ) finalized a $53 million CHIPS Act award that will support an expected investment of nearly a half billion dollars at the company's Corvallis campus.

Oregon’s high tech sector is about to grow even more, with a new multi-million dollar infusion of cash from the federal government. The Biden administration announced Monday that it will award up to $53 million to HP to support the expansion and modernization of its facility in Corvallis.

This federal funding will create and sustain over 200 construction and manufacturing jobs in Corvallis, and may also lead to improved public services for the city.

The Biden administration said Monday it has finalized a $53 million award for HP Inc. to expand research and manufacturing in Corvallis. The Commerce Department announced the subsidy last summer but other incentives have been downsized,

The Biden-Harris Administration announced awarding HP up to $53 million in direct funding through the CHIPS Incentives Program.