Albuquerque tech company receives ‘Chip Act’ funding

ALBUQUERQUE, N.M. (KRQE) – Leaders across the state came together Monday morning to celebrate nearly $24 million in federal money getting invested in New Mexican technology. Albuquerque-based company Solaero has agreed to preliminary terms to collect funds from the National Chips and Science Act .

Solaero’s parent company, Rocket Labs, says the money will be going towards refurbishing their labs in the state. “The majority of our equipment is 20 years old, just associated with the kind of technology we build. And the economics of this business doesn’t allow this kind of investment to take place privately. So the funds from CHIPS will allow us to make some investments here, that we couldn’t make without CHIPS,” says Vice President of Space Systems at Rocket Lab, Brad Clevenger.

Congress approved the CHIPS Act in 2022 as a way to bolster semiconductor manufacturing.

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