The Commonwealth of Pennsylvania is investing $1 million to support the growth of semiconductor solutions supplier Powerex Inc.
The funding will go toward a $14 million initiative by the company to modernize and upgrade key assembly and testing capabilities at its facility in Youngwood. The effort will create at least 25 new jobs and retain 215 existing jobs. Specifically, Powerex will expand a module assembly facility, double its module assembly capacity, and grow its module reliability center as part of this project.
“Pennsylvania gets it done, and our strategic investments in companies like Powerex are helping to create jobs and economic opportunity as we continue working to make Pennsylvania the best state in the nation for businesses looking to thrive,” Pennsylvania Gov. Josh Shapiro said. “We’re focused on growing the Commonwealth’s vital industries, including technology and manufacturing, and have the innovation pipeline, skilled workers, and geographic proximity to major corridors and markets that companies need. My Administration will continue making meaningful investments to position Pennsylvania as an economic leader.”
The $1 million grant comes from the Department of Community and Economic Development (DCED).
“Since day one, Governor Shapiro and our Administration have been laser focused on sending a strong message that Pennsylvania is open for business,” DCED Secretary Rick Siger said. “Our investments in companies like Powerex create good jobs for our workers and boost key industries like technology and manufacturing that are part of our Economic Development Strategy. We’re doubling down on critical investments that support the strategy to provide our Commonwealth with the greatest opportunities to succeed.”
Powerex is a leading supplier of discrete devices, modules, and high-power semiconductor solutions that serves many markets, including military power electronics applications, aircraft, alternate energy, electric vehicles, medical power supplies, and others.
“We’re grateful for Governor Shapiro’s administration and all of our state and local partners for their support, which is enabling small companies like ours to invest in equipment and expand production,” Joseph Wolf, CEO of Powerex, said. “With this funding, we’ll strengthen our production capabilities and create new jobs, offering growth and advancement opportunities for our employees. This investment empowers us to meet increasing demand with Pennsylvania-made products, building a stronger future for our team and community.”
In addition, Powerex is receiving $3 million in federal funding from the U.S. Department of Commerce under the CHIPS and Science Act to support its growth in Pennsylvania.
“Public-private partnerships are critical to growing the Pittsburgh region. Together, we have been and will continue to identify opportunities to leverage local, state, and federal relationships to support existing companies and attract strategic investments within our region’s key sectors — advanced manufacturing, energy, life sciences, and robotics and AI,” Stefani Pashman, CEO, Allegheny Conference, said. “Investments in companies like Powerex showcase how southwestern Pennsylvania is positioned to capture investments and ensure winning outcomes for investors across the region and beyond.”
Since taking office, the Shapiro Administration has secured and announced over $3 billion in private sector investments.