By Justin Sink - 01/15/14 11:56 AM EST
President Obama will announce the formation of a new public-private manufacturing institute headquartered in North Carolina during his visit to the state on Wednesday.
The consortium, which will be housed at North Carolina State University, will work to design and manufacture semiconductor chips for use in personal electronics, electric vehicles and industrial tools.
Seven universities and 18 companies are participating in the project, which will receive $70 million in federal commitments from the Department of Energy over the next five years.
Those funds will be matched by the partner schools and businesses, which hope to bring technologies designed at the institute to market — and, by extension, boost the local economy.
On Tuesday, Obama said programs like the innovation hub were an example of how government could work to ensure greater mobility and equality.
“There are a lot of folks down in North Carolina who are excited, because it’s a perfect example of the kind of public-private partnership that can really make a difference in growing our economy faster and creating the kinds of good-paying jobs that help people get ahead,” the president said.
The White House also hopes that the announcement, paired with two other Pentagon-funded hubs to be named in the coming weeks, will help inspire support for Obama's proposal to create 45 of the innovation consortiums.
“The president will continue to support this bipartisan legislation and will work with Congress to get it passed, and will continue to make progress where he can through existing authority to boost these partnerships that are key to supporting high-quality manufacturing jobs,” a White House official said in a statement.
Read more from The Hill.