iDEAL Semiconductor Devices, a semiconductor company, recently announced it will invest $3.4 million over the next three years to expand its technology research and development in the Lehigh Valley.
The project is expected to create 63 new positions and retain all existing jobs statewide. The company will expand its location at Ben Franklin Technology Partners of Northeastern Pennsylvania by 15,000 square feet.
The company developed the world’s most energy efficient power semiconductors. The devices enable greater efficiency, longer life, and cooler operating temperatures for electronic systems. They are used for many applications including data center servers, renewable energy, and electric vehicles.
“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,” Mark Granahan, iDEAL Semiconductor co-founder and CEO, said. “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.”
The Department of Community and Economic Development submitted a proposal for a $338,000 Pennsylvania First grant and a $1.4 million Pennsylvania Industrial Development Authority loan.