The U.S. Commerce Department announced on Thursday it has finalized an award of up to $458 million in grants for SK Hynix to fund an advanced chip packaging and R&D facility in Indiana. Additionally, the department has committed $500 million in government loans to support the project, with grant funds tied to SK Hynix meeting specific milestones. The Commerce Department has awarded major grants to leading chipmakers, including Intel, TSMC, Samsung Electronics, Micron, and SK Hynix.