ISTANBUL 

The US Commerce Department announced Wednesday that it started receiving applications for $300 million in funding for semiconductor technology.

The applications are for research and development that will establish and accelerate domestic capacity for "advanced packaging substrates and substrate materials," a key technology for manufacturing semiconductors, it said in a statement.

"The CHIPS for America program anticipates approximately $300 million in funding innovation across multiple technologies ranging from semiconductor-based to glass and organics," it added.

The CHIPS and Science Act was signed into law by President Joe Biden in August 2022. It sets aside $52.7 billion to increase the production of US-made semiconductors, address supply chain vulnerabilities by producing more goods in the US and bolster domestic scientific research.

The Commerce Department said it is responsible for administering $11 billion to advance American leadership in semiconductor research and development.

The agency noted that it is overseeing $50 billion to revitalize the country’s semiconductor industry and strengthen its economic and national security.

"CHIPS for America is delivering on its vision to make sure new leading-edge chip architectures can be invented in our research labs, designed for every end-use application, manufactured at scale, and packaged with the most advanced technologies," Commerce Secretary Gina Raimondo said in the statement.