Announcement • Jul 30

Aeluma, Inc. and Department of Commerce Sign CHIPS Research & Development Office Letter of Intent for Up to USD 30 Million to Accelerate U.S. Leadership in AI and Advanced Computing

Aeluma, Inc. a semiconductor company specializing in high-performance, scalable technologies for mobile, AI, defense and aerospace, robotics, automotive, AR/VR, and quantum, announced that it has signed a letter of intent (LOI) for up to USD 30 million of proposed funding under the CHIPS and Science Act, which is administered by the U.S. Department of Commerce. The award will support Research & Development of Aelumas scalable, non-InP semiconductor manufacturing platform for photonics, an important technology for the U.S. economy and national security. CHIPS funding is designed to advance semiconductor R&D, strengthen U.S. technology leadership, and accelerate the pace of commercialization to enable technology dominance in the industries of the future. Scalable manufacturing of compound semiconductors is critical to AI, advanced computing, and other applications. Aelumas non-InP, large-diameter substrate platform addresses supply chain constraints and enables the scaling of photonic components such as high-speed photodetectors and lasers. These technologies will accelerate domestic production for next generation AI interconnects, network communications, and sensing. The award aims to accelerate development and commercialization of Aelumas scalable, high-performance semiconductor platform, leveraging Aelumas facilities in Goleta, California, and partner sites within the U.S. With growing demand for photonics in AI and advanced computing infrastructure, Aeluma is poised for broad market adoption of innovative technology solutions. The CHIPS R&D incentives will support a breakthrough in manufacturing of photonic devices for compute and communication networks. Accelerating R&D for next generation substrates for domestic photonic devices provides American industry the extreme bandwidth and energy efficiency to scale complex AI workloads. Aeluma pioneered a platform to build high-performance photonics on large-diameter, mismatched substrates up to 300mm in size. This game-changing technology bridges compound semiconductor materials with mainstream microelectronics to meet the scaling requirements of high growth markets. The funded initiatives would accelerate commercialization of Aelumas high-performance semiconductors for the AI and advanced computing markets. InP substrates are used for manufacturing critical photonic components, but these substrates are relatively expensive, limited in manufacturing throughput, and subject to geopolitics and supply shortages. Aeluma leverages alternative, larger diameter substrates to build high-performance photonics. The development contemplated in the LOI emphasizes manufacturing readiness and scaling of Aelumas non-InP photonics, aligning with the U.S. CHIPS and Science Act objectives to strengthen domestic semiconductor manufacturing, supply chain resiliency, and national security. The award is subject to the completion of further due diligence, required approvals, including internal approvals of the U.S. Government, and the parties execution of definitive award documents. The LOI contemplates a portion of the award being funded up front and the remainder funded on a milestone-based award structure tied to eligible project costs and technical progress. Any securities issued to the U.S. Department of Commerce in connection with the proposed award will not be registered under the Securities Act of 1933, as amended, and may be issued only pursuant to an applicable exemption from the registration requirements of that Act. In connection with executing final award documents, Aeluma would issue equity securities to the U.S. Department of Commerce with an aggregate value equal to the award amount.

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