DCED Acting Secretary Neil Weaver to hold press conference and tour company at 1:30 PM today, 116 Research Drive, Bethlehem, PA 18015
Governor Tom Wolf announced today that iDEAL Semiconductor Devices, Inc., a fabless semiconductor company, plans to expand its technology research and development and create at least 63 new, high-paying jobs in the Lehigh Valley.
“This is exactly the type of project my administration is proud to invest in – it’s a big win for Bethlehem, the Lehigh Valley, and the entire commonwealth,” said Gov. Wolf. “I recently joined President Biden at the White House for the signing of the new CHIPS and Science Act. Our timely support of iDEAL Semiconductor’s growth and the work they will continue to do helps ensure Pennsylvania and the U.S. advances its scientific and technological edge.”
Neil Weaver, Acting Secretary of the Department of Community and Economic Development (DCED), is holding a press conference at 1:30 PM today and will be joined by company and local officials for a tour of the company’s labs at Ben Franklin TechVentures, 116 Research Drive, Bethlehem, PA 18015.
“iDEAL Semiconductor’s growth is wonderful for both the company and the commonwealth,” said Sec. Weaver. “Companies like iDEAL Semiconductor benefit from Pennsylvania’s strong workforce and ideal northeast location, while Pennsylvanians benefit from the good paying and stable jobs these companies provide. I look forward to seeing iDEAL Semiconductor’s continued growth.”
iDEAL Semiconductor is taking its technology to full production this year and requires additional space to accommodate its engineering and research and development personnel.
“Decades ago, Pennsylvania was home to the world’s first semiconductor production line; the expansion of iDEAL Semiconductor plays an important role in showcasing the scientific and technological innovation possibilities for the state and country,” said Mark Granahan, co-founder and CEO of iDEAL Semiconductor. “We look forward to working with the state to aggressively pursue CHIPS and Science Act funding as investment into companies such as iDEAL Semiconductor will ensure that the U.S. remains competitive in a sector it conceived long ago.”
As part of the expansion, the company plans to increase its footprint at Ben Franklin Technology Partners of Northeastern Pennsylvania by 15,000 square feet.
“iDEAL Semiconductor is addressing a crucial need in national technology independence while creating and retaining highly paid, sustainable technology jobs,” said Angelo J. Valletta, President and Chief Executive Officer of the Ben Franklin Technology Partners of Northeastern Pennsylvania. “We are delighted to have supported the firm from very early on with a financial investment and space in our TechVentures technology business incubator.”
The company received a funding proposal from DCED for a $1.4 million Pennsylvania Industrial Development Authority (PIDA) loan, a $338,000 Pennsylvania First grant and is encouraged to apply for the department’s Manufacturing Tax Credit and Research and Development Tax Credit programs. iDEAL Semiconductor has committed to investing $3.4 million into the project, creating 63 new jobs, and retaining its existing statewide jobs over the next three years.
This project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who report directly to the governor and work with businesses that are considering locating or expanding in Pennsylvania.
Through GAT, Gov. Wolf has invested nearly $18 billion over the past seven years to support 427 completed projects, create more than 48,000 new jobs, and retain more than 143,800 jobs for Pennsylvanians.
“We’re so pleased to have iDEAL Semiconductor thriving and expanding here in the Lehigh Valley with the support of Ben Franklin and the commonwealth,” said Don Cunningham, President & CEO of the Lehigh Valley Economic Development Corporation. “Our region is home to a growing science and technology sector that is a central part of a diverse Lehigh Valley economy anchored by our more than 700 manufacturers developing everything from high-tech medical instruments to at-home COVID-tests to sophisticated semiconductors.”
Founded in 2017, iDEAL Semiconductor represents a revolutionary improvement in energy conversion technology, developing the world’s most energy efficient power semiconductors with near ideal performance. The company’s SuperQ Technology is the result of years of research and development to enable unparalleled cost/performance for power components. The company’s revolutionary technology enables longer life, greater efficiency and cooler operating temperatures for electronic systems spanning many critical applications including electric vehicles, renewable energy, data center servers and various vertical markets.
For more information about the Governor’s Action Team or the Department of Community and Economic Development, visit the DCED website.