 Esteemed guests, please join us in welcoming Global Foundries Fab9 Vice President and General Manager Ken McAvy to the stage. Good afternoon. Hey, my name is Ken McAvy, and I have the tremendous honor of being the Vice President and General Manager of Fab9. On behalf of our 1,800 members, I would like to welcome all of our distinguished guests and the team to this momentous event. We have an amazing lineup of speakers here today to celebrate the news of the proposed investments for Global Foundries in the Biden-Harris Administration as part of the Chips and Science Act in the state of Vermont's investments. So without further ado, I'd like to welcome our CEO, Dr. Thomas Coffield, to the stage to get us started. I usually like to riff this, but it's so important I'm going to read a script if that's okay with everyone. Thank you, Ken, and welcome everyone to our amazing Fab9 facility. I'm grateful to the Vermont Governor, Phil Scott, the Vermont Congressional Delegation, especially Senator Peter Walsh, for joining us here in person today and Representative Becca Belint, joining us virtually, you'll see momentarily on the screen, joining us virtually from Washington, D.C. and former Secretary Patrick Leahy for their leadership and support of Global Foundries, not just through this CHIPS process, but for decades of support in this area. Thank you so much. So here, we're here today, we're celebrating the nearly 130 million in planned direct funding as part of the U.S. CHIPS and Science Act in Vermont state funding and together this will propel this site into the future. These monumental proposed investments will add tremendous value to our country, to Vermont, our industry, and most certainly to Global Foundries. Senator Leahy, the last time you and I were here together, we celebrated the naming of the Leahy entrance in your honor. If everybody came in the front door today, you probably saw that. It's pretty special. Thank you, sir. You've been a longtime supporter of GF and I'm so happy that you're here to help celebrate the largest federal grant this fab has ever received and you were and continue to be a big part of our success. Thank you, sir. I want to thank the Department of Commerce's CHIPS program office as well as our esteemed local officials, university partners, community business leaders who have joined us today and for all your tireless efforts and advocacy and unwavering support for Global Foundries. And lastly, I would be remiss if I did not give a shout out to the University of Vermont president, Sirish Garamella, who unfortunately could not attend today. He's running a university and he has a university business, but Sirish has been a steadfast partner not only to GF and our team, to me personally. He's an amazing leader of the university. I'd like to also thank Sirish's team who's here today in his place. Kurt Dabrowski, VP for Research and Economic Development. Kurt, you got a hand somewhere? There you go, Kurt. And Doug Merrill, who's leading the Vermont's Gallium Nitride, there he is, a semiconductor tech hub. By the way, it's a down selection we heard earlier today, down to the 31 finalists out of hundreds of programs designated by the US Department of Commerce's Economic and Development Association. I think if we're in the top 31, this one's ours, don't you think? This site has a storied history. It's been manufacturing and innovating semiconductor technology for over six decades. And if you don't believe me, just walk down that hall and there's a display case that shows one-inch waivers from the 1960s. Deep within the DNA here, in this site and the people in the heart and soul, is the ability to reinvent and innovate itself time and time again to deliver the best solutions to customers, including one very special customer, US Department of Defense. I want to thank, recognize and honor the amazing FAB-9 team. I'm going to pause there for a moment. I couldn't be prouder or more excited to join you here in person today to celebrate these milestone investments. It's a reflection of the direct outcome of your efforts and dedication. But what makes me most proud is that your work within the four walls of this facility is just the beginning of your reach, your passion, your sense of purpose, your innovation in our local, I'm sorry, your involvement in our local communities and the state of Vermont have created a huge and lasting impact in the communities you live in. In the last year alone, our team members have logged more than 2,000 hours of volunteer work and donated over $180,000 to many good causes, including the Vermont Relief Fund of a year back. It's especially fitting that today at GF is Employee Appreciation Day. And I want to let you know I appreciate you all and I appreciate our global Foundry's team around the world. Thank you. Halfway home, ready? With our industry continuing to grow faster than the world economy and the essential chips we make being particularly important given the diverse end markets they serve, including automobiles, smart mobile devices, internet of things, and even defense applications, just to name a few. GF continues to add technology capability and capacity that's in line with our customers' needs and help them grow, both from technology and adding manufacturing capacity. The support from the Department of Commerce and the state of Vermont will enable GF to continue to invest in our U.S. footprint and as we complement that growth with our other facilities around the globe. Here in Vermont, we will modernize this fab, upgrading existing facilities, expanding capacity, and enabling the high-volume manufacturing of next generation technologies, including gallium nitride. And our commitment and responsibility to our local community extends to our modernization efforts that will include the adoption of new industry leading sustainability practices aimed at reducing greenhouse gas emissions and improve wastewater treatment at this facility. These improvements are poised not only to meet or surpass state and federal regulatory requirements. I think it's only fitting that we're in the Green Mountain State that we will lead in making this fab one of the greenest in the country. But there's more. Not only are we committed to manufacturing in a sustainable way, but it's the very solutions we make that allow the world to be more sustainable. We innovate for our customers in technology that achieves their goals. Our solutions result in ultra low power, for example, consumption in IoT devices, which now can conserve energy usage, but prolong battery life. These are two things we all can deeply appreciate. And I think that this is the heart of what GF does. We create low power, we create differentiation that makes meaningful impact on people's lives. This funding will also allow us to continue to invest in and drive new workforce development efforts, including curriculum development to our industry, internship and apprenticeship programs, K-12 STEM outreach and additional education and training programs. For it's our employees, both current and future, are what enable GF to be the trusted and dependable manufacturing arm for our customers delivering the differentiated essential chips, both globally and locally, to meet their needs. As the largest, as the largest private employee in Vermont, we fully understand our responsibility for caring for our employees and the challenges of attracting and retaining the best talent in the industry. At GF, we offer our employees industry leading benefits and programs to have a real impact in their lives. For example, we provide 20 weeks of parental leave, enabling our employees to have the time they need to bring a child into their lives. Another program that I'm particularly proud of is, and I hope we serve as the guiding light for the rest of the industry, is our recently announced new student loan repayment program to help current and future recruits pay down student debt in a tax efficient manner. GF pays the first 28,500 of student debt for all U.S. employees, independent of degree type and their majors. In closing, that was worthy of a round of applause, 28,500 bucks you get an applause in no matter what room you're in. And so in closing, I appreciate, more importantly, I'm humbled by this award and you have GF's commitment that will continue to do our part to build a globally resilient semiconductor supply chain and to growing our talented U.S. semiconductor workforce. I would now like to invite Governor Scott to the stage to make a few comments. Governor Scott. Good afternoon and thank you, Tom. And thank you all for being here today. It really is a pretty exciting day for all of us. If Bernie was here, he'd say, this is a huge deal. It's not just for Essex Junction, but for Vermont as well, but really for the entire industry, the entire country. I don't need to tell you how important this technology built by global foundries is for our economy. It's also critical for national security, as you just heard. Almost every cell phone in the room has been touched by global foundries in some way. We just heard this statistic earlier, 85% of all the phones are manufactured have a Vermont touch to it. And with the gallium nitrate being the future of semiconductors, FAB-9 will be at the forefront as a leader in mass producing this technology right here in America, again, increasing our national security with self-reliance as well, which is equally as important. The CHIPS Act funding was produced, helped by Congress, and will help the U.S. stay on the cutting edge. And I'm very, very proud of our small state having a pretty big role on the global stage as a result. So I want to thank first the Biden administration and the Bipartisan Coalition and Congress for getting this across the finish line. We can get things done when we work together and pull in the same direction for the common good. But I also want to thank, especially thank Senator Leahy, who we'll hear from shortly, for his instrumental role in all of this. And I'm not sure that this would have gotten across the finish line without your support. So I thank you for all you've done for the month. I also want to thank all the employees here in Essex Junction. You're from across the state, not just here in Chittenden County, who have made sure this technology has had a way in reaching the global level for generations. We wouldn't be celebrating the enormous investment today, if not for all of your ingenuity, hard work, and dedication. So again, thank you all for being a part of Vermont. The CHIPS Act investment in GAN and this Essex Junction site reinforces why this region was designated as a tech hub by the U.S. Department of Commerce. My team continues to support efforts to turn the region into a world leader in GAN semiconductor manufacturing. The Vermont training program will also be awarding global $4.5 million grant for pre-employment training, which will help more than 1,400 employees gain critical skills, including 400 new hires made possible by the CHIPS investment. 400 is a big deal here in Vermont. Global foundries along with the state, UVM, and state colleges and other partners are also using the CHIPS Act investment and tech hub designation to put Vermont on the map, as the place to be if you want in on GAN technology. So if you're a developer, designer, or a student working on the next big idea, you should be working right here and looking right here in Vermont. Because along with global talent and investment, this is where you can bring that idea to life. So again, I thank you all for being here today. And I'll now turn it over to my good friend, fellow senator when we were in the state senate together, Senator Peter Welch. Thank you very much, Governor. And it's really wonderful to be here with the Global Foundries team on such a special day. A couple of thanks, Patrick. You've just been there from the beginning. Big shoes to fill. But you know what? You're not out of your shoes yet. I mean, we're talking about who's done so much. It's Patrick, and I come in the Patrick Leahy entrance. It's all feeling pretty familiar and secure. So that was great. And coming here, I was thinking about two things that are questions that get asked. Number one, why would government be putting over a billion dollars into private industry to build chips? It's a fair question. But there's an answer. This country faces challenges. And one of the challenges we face is to make certain that we stay on the cutting edge of chip technology in order that our supply chains are maintained, that we have domestic capacity to meet our needs. We saw what happened in COVID when those supply chains were disruptive. As a country, as a society, we need the capacity to have the confidence that we will be able to sustain ourselves and not be dependent, frankly, on other countries like China, where the supply chain is in their control and then suddenly we're not in control of our own future. So is there a role for government to say, you know what, this is something that's important to our country. And it requires public policy and public dollars to help a private company that is committed to following through and making certain that we have the chip technology and the chip manufacturing capacity to meet the needs of everyday Americans. That was the decision that the Biden administration made when they pushed forward on the CHIPS Act. And it was the decision that Congress made on a bipartisan basis that we were going to fund this. The second thing, why here? We've got a great secretary of commerce, Gina Ramondo. But she's like tough. She's kind of like Vermont frugal. She's like, show me the results. Why global foundries? And don't think she didn't kick the tires before the decision was made. And I want to pay tribute to the Global Foundries workforce, the folks here and the folks who came before you. Because what you did is show up each day, cooperate, look at what the problems were, figure them out, try to find ways to solve them, and work as a team and get it done. So we give Senator Leahy a lot of credit properly. But I think Patrick, you'd agree with me that your job, tough job, was made an awful lot easier by the monitors who were showing up every day here at Global Foundries and getting the job done. And by the way, I do have one question. This Fab 9 stuff is like that, the Fab 4? I keep thinking that's just a way to kind of get more engineers here. But the final thing I want to say is we're all upset about what's going on in the spirit that we see in politics these days. But what inspires me is when I come home and I see day to day people know something. They know you make progress by cooperating. They know the only way to get ahead is by working together. They know that whatever individual qualities that you have to contribute have to be shared with others so you can get the job done. And then also, we take pleasure. We take satisfaction in getting the job done, not just fighting about what the job is. So this is a special day, this massive investment from the Biden administration, the Chips Act, the Secretary of Commerce, right here at Global Foundries in Vermont. But for me, it's a special day because it's about renewing the spirit we know is essential and we have so much in abundance in Vermont that we do it together. So thank you so much for letting all of us be a part of this very, very special day. Thank you. Now, please welcome US Representative Becca Ballant joining us from Washington. Good afternoon. I'm very happy to report that we got a continuing resolution passed through the House yesterday to keep our federal government open. So the government will not shut down tonight at midnight. And unfortunately, the bar is really low for this Congress. So I have to celebrate when and where I can. And I'm relieved also that this good news means that I can join you today. I'm so proud to share the stage with Governor Scott, Senator Welch, and Senator Leahy this morning to celebrate this really historic announcement. It's so exciting. And I know that Senator Sanders is completely with us in spirit and in commitment and understands how important this kind of project is. This large federal grant will be absolutely transformative for Vermont. And we really have President Bidens and Patrick Leahy's leadership to thank for this massive investment. This huge infusion of resources will enable global foundries to expand and create new manufacturing capacity and capabilities to secure the production of essential chips for so many vital industries and markets. And this project is an example of the Biden-Harris administration's commitment to delivering on creating good-paying jobs and bolstering the nation's economy. And Vermont will be home to the first US facility capable of high-value manufacturing of next-generation gallium nitride semiconductors. Now, as a history major and as someone who is not a scientist, I don't have any real idea what GAN technology means, but I'm told it's truly amazing. What I do know is that this historic investment taps directly into Vermont's strong culture of innovation. So often when I'm home in Vermont, I talk to young people who wanna stay here in Vermont to live and to work. And today's young adults want to live in a place where they can go skiing and hiking on the weekends and work at dynamic, exciting, high-tech, innovative jobs during the week. And this investment is going to open so many doors for young Vermonters, including my own children. And as a former teacher, I know how important it is to provide young people with a vision and a roadmap for economic fulfillment and success. And this kind of project will give so many Vermont students incredible opportunities in tech. I'm also so excited by and proud of the collaboration we're seeing in real time at the city, state, and federal levels in combination with higher education across Vermont, as well as our research institutions and our businesses. We all know it, but I have to say it because when I'm outside of Vermont and in DC, anytime Vermont comes up, people say, oh, I love Vermont, I love Vermont. And it is known as a dynamic hub of innovation. And we all owe an incredible debt of gratitude to the last Congress, including senators Sanders and now Senator Welch and Senator Leahy for all the work that they did to bring economic prosperity to towns and cities across the US, but most especially in rural areas like Vermont. So as you all know, I'm new to the congressional team, but I couldn't be more proud to represent all of you in Congress and to work closely with Senator Sanders and Senator Welch and to follow in the footsteps of a true giant, Senator Patrick Leahy. Thank you for inviting me to be with you for this really exciting event. Please welcome former Senator Patrick Leahy to the stage. Thank you. Marcel and I are so happy to be here and we're telling Governor Scott and Senator Welch it is nice to be home. It is really good and it's been very nice is seeing so many people we know so well, including among those working here. And what I think of the award that global founders to receive from the funding authorized in the 2022 CHIPS Act and I must admit that at the end of the last Congress, we had the Omnibus Appropriations Bill, which is saying on my desk about this height, when it was gonna pass, I was, I'd like to say I was pulling out my hair, but that was already gone. And to make sure we got that through. And it was so helpful because we had John Tracy here in the Vermont office pushing for JP Dowd, my chief of staff, and we're working right up almost a Christmas Eve to get it done. But it was an important milestone. And the reason I wanted to see it pass was I looked at Essex Junction and all the people I've known through generations who've worked here and what they've done and the need for keeping them here and restoring US manufacturing for microelectronics. The, Tom, we've talked about this. I recall those discussions when you had come in my office and we kind of way out, close the door, sit around the fireplace and talk about it. But you were always, always in system. We need this, in Vermont, we need it for the country. And it was not just a local thing. It was for the country because we faced so many challenges around the world. Here, we knew we were doing it right. So when Essex was selected as a trusted foundry in the 1990s to ensure defense suppliers had a secure source of chips, I remember the meetings we had, both the open meetings and those insecure rooms. And I remember being so worried, what would happen if we didn't get this? Not just what would happen in Vermont, but what it might do in our place in the world. And we made it. In the chips act, back then, I think we made around 35% of the world's chips. It dropped to 15%. And now we're reversing that. We're reversing it right here in Essex. So give yourself a round of applause all the employees here. I think of the expanding production of gallium nitrate and I had to be taught, that's pronounced, gone. And I come close. I know where it was in the appropriations bill, but I, and I knew my staff would make sure it was written correctly. But look at what you're doing. For the last three years, during my term in office, I worked with a team here at Essex. We wanted to fund this research. We wanted to fund it here. Why? Because we had men and women of all generations who were the best of the best. And we fund it here and it goes here. Just think what that says to the next generation. Come aboard. Come aboard. You've got a place. You've got a place here. And you become an industry leader. These gone, some of the connectors that we mass produce in Essex. As you know, this was supply or electric vehicles. Our power grids is on. I was glad to work with the University of Vermont. Kirk, we discussed this in my office. Kirk Lamarowski back here just last week and how important it is. And the state of Vermont. Governor, you know, you be sure on these things. There are no Republicans or Democrats. There are Vermonters. And what's the best for Vermont? And Peter Welch, that was always your position in the House and now in the Senate. And the other two members of the delegation, and I appreciate what Becca had to say and what Bernie has said. Lieutenant Governor, delighted to see you here. We have always on these things left our political labels at the door. And we come in and we say, we're Vermonters. And Vermonters can do it better. And turn it, we will. So I don't want to talk too long, but Governor Scott, Madam Secretary, all of the others, it could not have been possible without everybody coming together. But those of us in political office or elective office, we knew if we came together, you're the people that would make it work. We can write the laws, we can get the money. It doesn't work unless we have the men and women who can make it work. And every one of you have. And that, you're a national treasure. Tom, we've discussed this privately and publicly. And we've, you have never, ever backed off on your support of the men and women who work here in the prison. And that has meant so much for me. Now that I know which door to come in, I'm sorry. I really do get a kick out of that. I will be back. Thank you all very much. I think I heard, you just made me an official remontor. So let me just quickly, it'll only be twice as long as my opening remarks. Once again, I wanna thank our distinguished guests, our amazing team for taking part in today's event. The CHIPS grant will be the cornerstone for turning our vision for this site into reality. I wanna thank everybody, our team, our local officials, our elected officials for their trust and belief in global foundries. And I could not be more proud and pleased to know that this team will deliver on this mission. So with that, we'll maybe go backstage for a couple of photos you said were. Oh, right on the stage. Up here? Yeah. Hey, good afternoon. Just wanted to thank our distinguished guests who have come around from the state and the country to celebrate this momentous occasion. Amazing investment by the United States government into global foundries, let alone into FAB9 to continue to make domestic semiconductors here in Vermont. Most importantly, just wanted to thank the amazing global foundries FAB9 team. Decades of family members who have worked here and will propel global foundries in FAB9 and Ford for decades to come. And finally, just will use this significant investment to drive innovation and to continue to drive the success of FAB9 and global foundries. Beautiful. Everybody wants a picture? Okay, all right. If you folks want to join us now, that would be fabulous. Ken, why don't you come on in? Hi, I'm here to see you. Yeah, how are you? Great. I appreciate you doing this. Turn your clothes a little bit. Let me see. Here you go, here you go. Hi, it's right here. Beautiful, everybody. You look great. One more time. One, two, and three. All right, now we'd like to invite your staff. Well, it's a pleasure to be here at Global Foundries celebrating this federal and very huge private investment in Vermont. The investment is such a clear signal that this facility, what it's going to produce will be here for decades to come. It's cutting edge technology. It's highly important to our phones. 85% of all phones in the world have a touch of Vermont in them. And this facility is a big piece of that. It's new technology around batteries and energy storage, which we know for our climate for the future is critically important. And a lot of the investment has also been made in water quality and making sure the externalities of producing these kinds of chips and these kinds of products are taken care of in a responsible way, which is critically important as we know the harms we've caused in the past without taking care of those externalities. So it's just really an amazing investment for Vermont and I'm glad to be here.