Taiwan Semiconductor Manufacturing Co. is being awarded up to $6.6 billion in CHIPS Act funding, the Commerce Department said Friday.

Earlier this year, Biden introduced several preliminary grant agreements with companies, including TSMC, under the CHIPS Act.

Taiwan Semiconductor Manufacturing's U.S. unit will get federal money from the CHIPS Act, and will share some profits with the government.

The U.S. Commerce Department said Friday it has finalized a $6.6 billion government subsidy for Taiwan Semiconductor Manufacturing Co's U.S. unit for semiconductor production in Phoenix, Arizona. The binding contract - after a preliminary agreement announced in April - is the first major award to be completed under the $52.