Skip to content Skip to Search
Skip navigation

Mubadala-backed GlobalFoundries buys new semiconductor tech

Globalfoundries says the gallium nitride technology will boost power in electric vehicles, among other applications Unsplash/Michael Fousert
GlobalFoundries says the gallium nitride technology will boost power in electric vehicles, among other applications
  • GlobalFoundries buys Tagore tech
  • Faster with lower energy consumption
  • Mubadala a major sharedholder

Chipmaker GlobalFoundries, backed by Abu Dhabi’s Mubadala Investment Company, has bought the rights to a new technology to boost power in electric vehicles, artificial intelligence and data centres.

It bought the gallium nitride (GaN) technology from semiconductor company Tagore Technology for an undisclosed sum.

The acquisition includes a team of Tagore engineers with expertise in GaN technology, which offers faster performance and lower energy consumption than traditional silicon chips.

Tagore has design centres in Illinois in the US and Kolkata in India.

Its co-founder and chief operating officer Amitava Das said the team of engineers “will help address power design challenges and support the continued evolution of automotive, industrial and AI datacenter power delivery systems”.

US-based GlobalFoundries received a $1.5 billion funding boost under the country’s CHIPS and Science Act, passed in 2022 to allocate around $280 billion to semiconductor research and production.

Part of these funds are allocated for high-volume GaN production, potentially securing a domestic supply chain for critical technologies.

GlobalFoundries’ first-quarter revenue dipped to $1.55 billion from $1.85 billion year-over-year. Net income dropped to $134 million from $278 million.

The company’s current valuation is $30 billion.

Mubadala is a major shareholder in GlobalFoundries but offloaded $950 million worth of shares in May, raising questions about the investment firm’s long-term commitment to the chipmaker. 

Latest articles

ADQ's holdings include Abu Dhabi National Energy Company (Taqa) and are worth almost $200 billion

ADQ: how Abu Dhabi’s ‘baby’ fund is finding its feet

Abu Dhabi sovereign wealth fund ADQ may be the younger, smaller sibling of ADIA and Mubadala but there are no signs of an inferiority complex as it executes billion-dollar deals at home and overseas. Most notable was the $35 billion agreement signed with the Egyptian government in February this year to develop Ras El Hekma, […]

Suriname oil

QatarEnergies buys into Suriname oil expansion

The state-owned giant QatarEnergy has signed a deal with US oil company Chevron to acquire a 20 percent interest in a production-sharing contract for an offshore concession in the South American country of Suriname. Chevron will keep a 40 percent interest in Surname’s block 5, as will Paradise Oil, an affiliate of Suriname’s national oil […]


Rakbank plans first bond to fund social projects

The National Bank of Ras Al Khaimah (Rakbank) is planning to launch its first social bond issuance, a news report has said. The Abu Dhabi-listed bank is seeking bids for the five-year benchmark-sized dollar-denominated bond, Reuters reported. The initial price was set at 170 basis points over US Treasuries, with the final pricing expected on confirmed […]

The proposed sharia standard 62, which aims to transition the industry towards asset-backed sukuk, will not affect 2024 issuance, says S&P

Sharia standard 62 may disrupt sukuk market, says S&P

Global sukuk issuances are likely to suffer next year if the proposed standard 62 sukuk changes to sharia guidelines are implemented, according to credit rating agency S&P. “Adopting Accounting and Auditing Organization for Islamic Financial Institutions standard 62 guidelines as they have been presented could disrupt the market,” it said in a new report. The […]