Menlo Microsystems, Inc. (Menlo Micro), the company responsible for reinventing the electronic switch with its Ideal Switch technology, announced that it has finalized an asset purchase in Tompkins County, N.Y., which will house the company's first domestic production facility, the Ideal Fab. Menlo Micro will invest $50 million in the Ideal Fab over the next three years, creating over 100 high tech jobs at the site within the next five years.
Additionally, the company is committing to a multi-year growth strategy through diverse funding sources - including the potential of additional government funds - to grow the Ideal Fab and further expand its U.S.-based manufacturing. As part of Menlo Micro's strategy, the company's future domestic expansion would see an additional investment upwards of $150 million and the phasing in of an additional 100+ jobs, commensurate with growth.
Menlo Micro has begun retrofitting the building function to meet the unique and proprietary material science manufacturing requirements for its Ideal Switch, with U.S.-based manufacturing estimated to begin in 2024. The new Tompkins County-based fab is expected to produce thousands of wafers per month and create high-quality, skilled, and in demand jobs over the coming years as the company continues to invest in American manufacturing.
'Today's announcement represents the first step toward significantly increasing the domestic production capacity of our Ideal Switch to help secure critical infrastructure and further strengthen America's technology leadership,' said Russ Garcia, CEO of Menlo Micro. 'We want to thank Senate Majority Leader Schumer for his leadership on the CHIPS and Science Act, which is directly supportive of and aligned with our plan to onshore our manufacturing capabilities. We look forward to continuing to work with Sen. Schumer, Gov. Hochul, Sen. Gillibrand, Rep. Molinaro and the entire New York delegation as we begin ushering in the next generation of electrification, delivering unprecedented cost and energy savings to essential U.S. industries. We believe this fab modernization project is in 100% alignment with the presidential directive on bringing semiconductor manufacturing back to the United States.'
New York State's dedicated and skilled workforce, top-notch universities, and research institutions, along with its bustling innovation ecosystem, made it the top choice for Menlo Micro's first domestic fab. As the company continues to grow its manufacturing presence in the U.S., it is building on its deep roots in the state. Built out of a decade-long effort at General Electric'sGlobal Research Center in Niskayuna, N.Y., Menlo Micro's Research and Development arm is located at the Albany Nanotech Complex in Albany, N.Y. In addition to the work based at General Electric, New York-based Corning Glass was an initial investor and key R&D partner.
'With my CHIPS & Science Act as the lighting rod, Menlo Micro will invest $50+ million to build their first domestic manufacturing facility for their cutting-edge technology right here in Tompkins County! Last year, I personally called Menlo Micro's CEO to tell him that Upstate New York is the next frontier for microelectronic and semiconductor manufacturing, and I'm thrilled they are now bringing 100 new good-paying jobs to Tompkins County,' said Senator Chuck Schumer. 'I applaud Menlo Micro for this major investment that will help drive Tompkins County and America's economic future in tech manufacturing, and thank Governor Hochul for her partnership to help transform Upstate NY into a global center for innovation, high tech and advanced manufacturing jobs. The greater Ithaca area is unquestionably leading the charge in research and development and building the future of technology, and Menlo Micro will help further supercharge the region's leadership, while helping secure America's critical microelectronics supply chains that power everything from 5G communications to the power grid to aerospace engineering with their switch technology made right here in Tompkins County.'
The company has active university partnerships with the State University of New York Polytechnic Institute (SUNY Poly) and University of Albany with hopes to expand its research and workforce development partnerships to Cornell University and the Finger Lakes region with the launch of its new MEMS (Micro Electromechanical Systems) fab in Tompkins County, N.Y. Menlo Micro plans to continue expanding in New York, with additional announcements planned in the coming months. To support their expansion in New York State, Empire State Development has awarded Menlo Micro up to $6.5 million in performance-based Excelsior Jobs Tax Credits in exchange for 122 new jobs at their new Ithaca facility.
'With this agreement to bring Menlo Microsystems to Tompkins County, we are once again declaring New York State as Chips Country,' Governor Kathy Hochul said. 'Menlo Micro's groundbreaking chip technology powers the tools and electronics that New Yorkers rely on every day, and thanks to a remarkable partnership between local, state, and federal officials, their New York production facility will create more than 100 high-tech jobs and unlock millions of dollars in investment to support the entire region. I am excited to welcome Menlo to New York's chip-making ecosystem as we continue our work to attract the innovative, 21st century businesses that will provide good-paying jobs, grow our advanced manufacturing sector, and move our economy forward.'
Menlo Micro's Ideal Switch has applications across dozens of critical U.S. industries, including energy distribution and management, telecommunications, aerospace and defense, medical devices, consumer electronics and more. The Ideal Switch will provide unprecedented reductions in size, weight and cost while creating increased reliability, linearity, and power due to key breakthroughs in material science.
'Menlo Micro's new fab in Ithaca will create 100 high-tech jobs and support efforts to make New York a global hub for advanced semiconductor manufacturing,' said Senator Kirsten Gillibrand. 'I am proud to have supported the CHIPS and Science Act, which is spurring historic investments in New York State, strengthening American supply chains, and boosting domestic semiconductor research, development and production.'
Additional comments from today's announcement: 'I am thrilled to welcome Menlo Micro to Tompkins County. The company plans to invest $50 million to transform an existing building into a state-of-the-art fab facility and is expected to create 100 local jobs. With this new fab, Menlo Micro is bringing manufacturing back to the U.S., strengthening our local economy and national security.' - Rep. Marc Molinaro (NY-19)
'It's wonderful to see a company like Menlo Micro making Tompkins County its new home. Our nearby universities boast some of the most talented new entrants to the workforce in the country, and bringing high-value jobs to our area will ensure we can retain as much of that talent as possible as we build a thriving economy to serve the needs of our community.' - Tompkins County Legislature Chair Shawna Black
'Menlo Micro is a perfect example of the talent and supply chain pipelines that New York State has been fostering for many years,' said Empire State Development President CEO and Commissioner Hope Knight. 'From their R&D department in Albany to the new fabrication plant in Ithaca, we have made strategic investments to ensure that advanced manufacturers, both large and small, will make the move to take advantage of the talented workforce and many resources available in New York State.'
'It's exciting to see a company like Menlo Microsystems making Ithaca its new home. Our local universities boast some of the most talented new entrants to the workforce in the country, and bringing high-value jobs to our area will help us retain as much of that talent as possible as we build a thriving economy to serve the needs of our community.' - Village of Lansing Mayor Ronny Hardaway
'This is a tremendous investment in the Ithaca area and a testament to the local, state, and federal partners that worked together to bring Menlo Micro's fab to our community. Menlo Micro will benefit from our dedicated and highly educated workforce, and we stand ready to support them in their efforts to create quality employment opportunities.' - Ithaca Area Economic Development President, Heather McDaniel
'SUNY is immensely proud to welcome Menlo Micro's first domestic fabrication lab to New York State. It will not only be a leader in innovation but an incubator of hundreds of highly skilled, in-demand jobs for which SUNY is prepared to provide the workforce. Already, Menlo Micro has benefited from partnerships with SUNY Polytechnic Institute and the University at Albany, where its R&D component is located. These partnerships have led to onsite internships for our students, giving them the hands-on experience with cutting-edge technology that they need to succeed in the growing semiconductor field.' - SUNY Chancellor John B. King, Jr.
'New York State has become a critical innovation hub for the world of semiconductors and microelectronics, and SUNY Poly is proud to play a key role in the related academic and research partnerships. Today, we welcome the establishment of Menlo Micro's fabrication facilities as part of this burgeoning high-tech corridor. The industry-disrupting work being done by its researchers at the NanoTech Complex in Albany has laid the groundwork for this exciting announcement, and we are thrilled to see this innovative company grow deeper and stronger roots in the state. With our targeted, hands-on educational opportunities, we look forward to fostering an even stronger, homegrown semiconductor workforce.' - SUNY Poly Officer-in-Charge Dr. Andrew Russell
'Academic research collaborations are an integral part of industrial innovation and the economic growth it drives. Menlo Micro has been an important piece of the innovation ecosystem at Albany NanoTech, and we are thrilled that the company sees the enormous value of the knowledge base and highly trained workforce in Upstate New York. We look forward to working with Menlo Micro and others to maximize the impact of this significant investment for the people of New York.' - University at Albany President Havidan Rodriguez
'Thanks to the efforts of Governor Hochul and Senator Schumer, New York is leading America's resurgence in the semiconductor industry. Menlo Micro, a company with deep roots at NY CREATES' Albany NanoTech Complex, is the latest example of an innovative, boundary-breaking company committed to creating jobs and making major investments in Upstate New York. We look forward to seeing Menlo's continued growth and the opportunities they generate for New Yorkers.' - NY CREATES President David Anderson
About Menlo Micro
Menlo Micro is on a mission to create a more energy efficient and sustainable world, with an entirely new category of electronic switches. The Ideal Switch eliminates compromises and tradeoffs by combining the benefits of electromechanical and solid-state switches into the best of both worlds. Menlo is bringing more than 99 percent reductions in size, weight, power, and cost to dozens of industries such as medical, aerospace and defense, telecommunications, consumer electronics, industrial IoT (Internet of Things), and test and measurement.