Manufacturers Take Unlawful EPA Air Standard Fight to Supreme Court

New NAM Analysis Finds Rule Threatens Nearly $1 Trillion in Manufacturing Investment and More Than 122,000 American Jobs

Washington, D.C. – Today, the National Association of Manufacturers joined a coalition of leading business groups in filing a petition for certiorari asking the U.S. Supreme Court to review and reverse the D.C. Circuit’s decision allowing the Environmental Protection Agency’s unlawful and unworkable air quality standard for fine particulate matter, or PM2.5, to stand.

“The Biden administration took an unlawful regulatory shortcut to impose an unworkable air standard that makes it harder to grow manufacturing in America and create well-paying jobs,” said NAM Chief Legal Officer and Corporate Secretary Linda Kelly. “Manufacturers have fought this rule from the beginning because the consequences for investment, growth and American competitiveness are enormous: investment, jobs and America’s ability to compete.

“In 2025, the EPA under the Trump administration agreed, asking the court to vacate the new PM2.5 standard and echoing manufacturers’ concerns that the previous administration had exceeded its authority.

“Yet, the D.C. Circuit allowed the rule to stand, relying on a legal argument the previous administration never invoked to defend its actions. An agency cannot simply disregard the substantive safeguards required by Congress to impose a sweeping new regulatory burden—and a court should not rescue an unlawful rule with an argument the government never raised.

“Manufacturers need the ability to obtain permits, expand operations, modernize facilities and invest in communities across the country. This standard puts those investments and the jobs they support at risk.”

In 2024, the EPA lowered the National Ambient Air Quality Standards for PM2.5 from 12 micrograms per cubic meter to 9. According to new NAM analysis, a standard of 9 threatens at least 474 manufacturing projects announced in the United States since Jan. 1, 2025—representing nearly $1 trillion in investment and more than 122,000 American jobs.

Background:

The Clean Air Act requires the EPA to conduct a thorough review of the NAAQS every five years to determine whether existing standards should be retained or revised. Following a complete review in 2020, the EPA retained the PM2.5 standard of 12 micrograms per cubic meter.

The previous administration subsequently reopened that completed review and in 2024 lowered the standard to 9 micrograms per cubic meter. The NAM and seven leading business groups challenged the rule in the D.C. Circuit, arguing that the EPA lacked authority to revise the standard through an off-cycle reconsideration without conducting the thorough review required by the Clean Air Act.

In November 2025, the EPA reversed the federal government’s position in the litigation and asked the D.C. Circuit to vacate the rule, agreeing with the NAM that the previous administration had used an unlawful regulatory shortcut.

On June 26, 2026, the D.C. Circuit nevertheless upheld the rule, concluding that the EPA could revise the standards outside the five-year review cycle without completing a thorough review. In reaching that conclusion, the court relied on a provision of the Clean Air Act that the previous administration had not invoked in defending the rule.

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $3 trillion to the U.S. economy annually and accounts for nearly 52% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

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Wind Manufacturing and Supply Chain

The U.S. wind market has a complex supply chain. There are more than 500 U.S. manufacturing facilities specializing in wind components such as blades, towers, and generators, as well as turbine assembly across the country. Since 1999, the average generating capacity of newly installed wind turbines has more than doubled to 3 MW.

Advancements in composite materials, automation, and more efficient manufacturing processes have helped domestic manufacturers dramatically increase productivity throughout the past decade. The wind supply chain that has developed in the United States has increased the domestic content of wind turbines installed in the United States, with over 80% of nacelle assembly and up to 70% of tower manufacturing occurring in the United States for turbines installed here.

As the size and complexity of wind turbines grow, so do the manufacturing process requirements and component transportation costs, which in turn increase the need for local manufacturers who can overcome technical and logistical challenges. The average utility-scale wind turbine contains roughly 8,000 parts, including blades up to 100 meters (over 300 feet) in length and towers around 94 meters (308 feet) high, roughly the height of the Statue of Liberty. New towers are being made even taller to capture stronger winds at higher elevations.

In February 2022, DOE released a series of reports on American manufacturing supply chains, reviewing both the obstacles to a reliable supply of key materials and opportunities for improvement. 

The wind report covers components, processed and raw materials, recycling, digital products, and the wind industry workforce. It discusses U.S. wind industry competitiveness, includes a supply-chain risk assessment, and lists opportunities for private-sector collaboration to address vulnerabilities and enhance competitiveness.

The open-source Renewable Energy Materials Properties Database, released in August 2023, provides a comprehensive compilation of the type, quantity, country of origin, source, significant uses, projected availability, and physical properties of materials used by wind (as well as solar) power technologies. 

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Celularity Signs U.S. Manufacturing Collaboration With Potential $300 Million Purchase Opportunity

Celularity’s new manufacturing collaboration with MuseCell Innovations is intended to establish U.S. production for the Dezawa MuseCell platform, with MCI projecting that a broader relationship could generate more than $300 million in aggregate purchases from Celularity over five years.

Key Investor Takeaways

• Celularity (NASDAQ:CELU) will undertake activities to establish U.S. manufacturing of Dezawa MuseCells at its Florham Park, New Jersey facility.

• The collaboration also covers manufacturing of DMC-derived products, including Dezawa MuseExosomes and Dezawa MuseSecretome.

• MuseCell Innovations projects that an expanded relationship could result in more than $300 million of aggregate purchases from Celularity over five years, based on current market conditions and its own platform projections.

• The broader manufacturing collaboration is anticipated to create more than 200 high-tech jobs at Celularity’s New Jersey facility.

• The initial project must be successfully completed before the companies pursue the wider manufacturing relationship, making execution an important near-term consideration.

Why CELU Stock Is in Focus

Celularity (NASDAQ:CELU) and MuseCell Innovations have entered into an additional U.S. manufacturing collaboration aimed at establishing domestic production of MCI-authenticated Dezawa MuseCells at Celularity’s 147,215-square-foot Florham Park facility.

The initial program will establish manufacturing capability for DMC preparations produced from qualified starting materials under the licensed Dezawa Method and MCI product specifications.

Celularity will also support production of products derived from the platform, including Dezawa MuseExosomes and Dezawa MuseSecretome. Each will have dedicated manufacturing processes, analytical characterization, specifications and release criteria.

Following successful completion of the initial project, the companies intend to broaden their manufacturing relationship across additional products and programs.

Why This Matters for Investors

The potential commercial scale is the most significant element for investors. MCI believes the expanded relationship could generate more than $300 million in aggregate purchases from Celularity over five years.

That figure is a projection rather than committed revenue. It is based on current market conditions and MCI’s projections for the Dezawa MuseCell platform, and includes potential future programs extending beyond the initial manufacturing project.

Even so, the collaboration could provide Celularity with an opportunity to increase utilization of manufacturing infrastructure it has already developed. Its New Jersey site includes nine Grade C/ISO 7 and six Grade D/ISO 8 manufacturing suites alongside process development, CMC, analytical and quality capabilities.

The arrangement may therefore broaden the role of Celularity’s infrastructure beyond supporting its proprietary cellular medicine pipeline. Manufacturing third-party technologies could create an additional commercial use for those capabilities while the company continues developing programs including cenplacel-L.

The anticipated creation of more than 200 specialized positions also indicates the scale envisioned for the broader collaboration, although those jobs are tied to the subsequent expanded manufacturing relationship rather than solely to the initial project.

What to Watch Next

Successful establishment of U.S. manufacturing for MCI-authenticated DMC preparations is the first major milestone.

Investors may then watch for formal expansion into additional products and programs and, importantly, evidence that MCI’s projected purchases begin converting into contracted manufacturing activity and revenue for Celularity.

The utilization of the Florham Park facility and progress toward the anticipated expansion of its workforce could provide further indicators of how materially the collaboration is scaling.

Celularity stock price

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Questions Answered on Trade, Tariffs and U.S. Manufacturing

C-SPAN

AAM’s Scott Paul gets into detail live on C-SPAN.

Unless you’ve been living under a rock, you’ve likely noticed that tariffs – a certain president’s favorite word – have been in the news a lot recently. And tariffs can have a significant effect on U.S. manufacturing activity. So, how to analyze manufacturing’s outlook? Alliance for American Manufacturing (AAM) President Scott Paul was on C-SPAN’s Washington Journal program last week, where he tackled that question and others.

You can watch the entire segment here. Or see a couple of clips from the appearance below:

How are America’s factories faring in 2026?

Paul wrote about this recently on AAM’s blog.

“There was a period where manufacturing was having some challenges. I think we’re out of that now,” he said. “You’re seeing some of the results of the factory construction boom. Some of this goes back to the Biden administration, there’s evidence of a lot of factory construction that started in 2022 and 23 with respect to semiconductors, pharmaceuticals, some other goods like that, and has been continuing, although at a slightly lower rate, and now people are coming to fill jobs in those factories.”

AI is Bringing a New Generation of Workers to U.S. Factories

“Young people for a whole generation have been conditioned not to look at manufacturing for a career and there’s strong evidence that is changing, particularly as AI hits those entry-level positions that are white collar and all of a sudden the idea of putting on a tool belt or going to trade school and potentially making 80 or 100,000 dollars as an electrician at a factory looks a lot more appealing,” Paul said.

Manufacturing is a ladder to the Middle class

“I think there has been an imbalance between labor and capital that’s been well documented, that has expanded over the last couple of decades,” Paul said. “I do think manufacturing is an industry where you can still find good wages in the United States and particularly for the majority of Americans who won’t have a four-year degree. It’s a ladder to the middle class.”

China’s currency is crushing U.S. manufacturing

“There have been active efforts over the decades to keep the value of the Chinese currency low in order for them to gain a trade advantage. It makes their goods cheaper to send overseas. I wish the Trump administration did more on currency, particularly with respect to China,” Paul said. “I think that’s necessary to have a better relationship moving forward. Hopefully Trump will raise that with [Chinese leader Xi Jinping] when they meet in September.”

Are Chinese autos coming to the United States?

Don’t let ’em in, we say.

“What the Carney government in Canada has done, I think, is defeating for the Canadian auto industry, and that is to turn to China and to say to some of the Chinese auto companies, ‘come in. We’re going to allow you to import some cars into our market. You can enter into joint ventures with some of our companies,’” Paul said. “And what we’ve seen happen in other places around the world that have tried to accommodate that is that it has completely wiped out the auto industries and the Chinese companies are taking over. That’s happening in real time right now in Europe. It’s happened in the UK. It happened in Australia.”

U.S. national security depends on strategic tariffs

“[National security] is the basis for the tariffs that have been in place since 2018 on steel and aluminum. That was under section 232,” Paul said. “And those have been durable. Biden kept those tariffs on. And when you hear Members of Congress raise concerns about tariffs its generally not those steel and aluminum tariffs, it’s some of the other trade actions the administration has taken. That’s not universally true but I think generally true. I completely agree we have to have a baseline productive capacity for critical metals like steel and aluminum that go into defense purposes.”  

You can find the entire C-SPAN segment here.

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Celularity-MuseCell U.S. Manufacturing Collaboration | CELU Stock News

Key Terms

cGMP-ready

regulatory

Facility, equipment, process, or production plan that is configured and documented to meet current Good Manufacturing Practice (cGMP) regulations used for drugs, biologics, and some medical products. Being cGMP-ready means the company has the controls, procedures, recordkeeping, and physical setup needed to manufacture to regulatory quality standards—like having a kitchen not just clean but inspected, with recipes and logs so every batch is consistent. Investors care because cGMP readiness affects how quickly a product can enter regulated markets and how likely regulators are to accept manufactured product quality.

ISO 7

technical

ISO 7 is a cleanroom classification from the international standard ISO 14644-1 that specifies how many airborne particles of certain sizes may be present in a controlled environment. Think of it as a tightly filtered room with strict airflow and cleaning rules that keeps dust and microbes far below ordinary levels. Investors care because ISO 7 facilities are often required for manufacturing pharmaceuticals, medical devices, and sensitive electronics, and their presence signals production capability and regulatory readiness.

ISO 8

technical

A designation for a cleanroom under the ISO 14644-1 standard indicating the maximum number of airborne particles allowed per cubic meter; ISO 8 permits larger numbers of particles than stricter classes, so it is used for less-stringent controlled environments. Investors care because cleanroom class affects a company’s ability to manufacture or test sensitive products—like drugs, medical devices, or electronics—and signals the level of contamination control in a production facility.

chemistry, manufacturing and controls (CMC)

regulatory

Chemistry, manufacturing and controls (CMC) is the set of scientific and operational steps that show how a drug or biologic is made, what goes into it, and how its quality is consistently checked—think of it as the recipe, the factory process, and the quality checklist for a medicine. Investors care because strong CMC reduces risks around regulatory approval, production delays, batch failures and unexpected costs, directly affecting a product’s ability to reach market and generate revenue.

chain of custody

regulatory

“Chain of custody” is the process of keeping a clear and documented record of how physical or digital evidence is handled, from collection to final use. It ensures that the evidence remains unaltered and trustworthy, much like tracking a package from sender to recipient to confirm it hasn’t been tampered with. This is important for investors because it helps verify the integrity and accuracy of information or assets being evaluated.

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Collaboration is intended to expand U.S. manufacturing of Dezawa MuseCells® initially across qualified perinatal sources using the licensed Dezawa Method™ and manufacturing of DMC derived products, including Dezawa MuseExosomes® and Dezawa MuseSecretome®

FLORHAM PARK, N.J. & SINGAPORE–(BUSINESS WIRE)–
Celularity Inc. (Nasdaq: CELU) (“Celularity”), a longevity-focused regenerative and cellular medicine company, and MuseCell Innovations® Pte. Ltd. (“MCI”), the owner of the Dezawa MuseCell platform, today announced an additional U.S.-based manufacturing collaboration under which Celularity will undertake activities to establish U.S. production of Dezawa MuseCells (“DMCs”) at Celularity’s Florham Park, New Jersey facility.

The initial program is designed to establish manufacturing capability for MCI-authenticated DMC preparations. Under the MCI platform, a preparation is authenticated as a DMC product through perinatal, bone marrow or adipose qualified starting material, manufactured under the licensed Dezawa Method and conformance to MCI’s product specifications. In addition to DMC manufacturing, the collaboration encompasses the manufacture of DMC-derived products, including Dezawa MuseExosomes and Dezawa MuseSecretome. Each product will be supported by dedicated manufacturing processes, analytical characterization, specifications and release criteria appropriate to its distinct product profile.

Following successful completion of the initial project, Celularity and MCI intend to build a broader manufacturing relationship across additional products and programs. Based on current market conditions and MCI’s projections for the Dezawa MuseCell platform, MCI believes that the expanded relationship could result in more than $300 million in aggregate purchases from Celularity over the next five years. This estimate reflects the potential scope of future programs beyond the initial project, which the parties would pursue together as the collaboration develops.

“Cellular medicine remains at the center of Celularity’s strategy, including our continued advancement of our proprietary placental-derived technologies,” said Robert J. Hariri, M.D., Ph.D., Founder, Chairman and Chief Executive Officer of Celularity. “Our collaboration with MCI demonstrates how the manufacturing infrastructure and cellular expertise we have built can also support innovative third-party technologies. We look forward to expanding U.S. manufacturing for the Dezawa MuseCell platform and working with MCI to manufacture additional products derived from the platform.”

“The ability to manufacture advanced cellular technologies reproducibly and at scale is fundamental to the future of medicine,” said Peter H. Diamandis, M.D., Co-Founder and Director of Celularity. “Bob Hariri and Mari Dezawa are both pioneers in cell therapy, and this collaboration brings together their complementary scientific vision and expertise. Celularity has invested in the infrastructure and capabilities required to manufacture sophisticated cellular products, both to advance our own placental-derived technologies and to support innovators such as MCI. This collaboration demonstrates how pioneering science, paired with scalable manufacturing, can accelerate the continued advancement of cellular medicine.”

Celularity operates a 147,215-square-foot, purpose-built facility in Florham Park, New Jersey, which includes a cGMP-ready manufacturing center with nine Grade C/ISO 7 and six Grade D/ISO 8 manufacturing suites designed for commercial production of cellular therapies and advanced biomaterials. Celularity’s integrated capabilities include process development, product specific chemistry, manufacturing and controls (CMC), advanced cell manufacturing, analytical methods and quality systems. The collaboration expands the utilization of Celularity’s manufacturing infrastructure and cellular medicine expertise while Celularity continues to advance its own proprietary cellular medicine programs, including cenplacel-L, its placental derived allogeneic cell therapy. The subsequent broader manufacturing collaboration is anticipated to generate more than 200 high-tech employment opportunities at the Florham Park site during the scope of the expanded collaboration, spanning specialized positions in biomanufacturing, quality control, engineering and support functions.

“By bringing a $300 million in business and more than 200 new jobs to New Jersey, Celularity and MuseCell Innovations are making it clear that our state is open for business. I first visited Celularity in 2022, and its trajectory from a homegrown startup here in New Jersey to a thriving public company is everything that drives my optimism about the potential of the New Jersey innovation economy. Advanced biomanufacturing continues to grow as a strong pillar of our economy, and investments like this are critical to driving job growth across our state. New Jersey is the medicine chest of the world, and my administration will keep working to make our government more accountable for businesses and position our state as the global leader in life sciences,” said New Jersey Governor Mikie Sherrill.

A Source-Flexible Platform Defined by the Dezawa Method

Professor Mari Dezawa, M.D., Ph.D., discovered Muse cells as a naturally occurring, stress enduring cell population. Dezawa MuseCell biology and investigational applications have since been described in more than 170 peer-reviewed publications and evaluated in multiple human clinical studies. The Dezawa MuseCell platform combines qualified starting materials with the licensed Dezawa Method and MCI product specifications addressing identity, purity, viability, potency, traceability and lot release. This common manufacturing and quality framework is intended to preserve defined DMC identity across qualified bone marrow, adipose and perinatal sources while allowing source-specific biological characteristics to be evaluated and controlled.

“Celularity brings the infrastructure and technical depth required to establish U.S. manufacturing across qualified bone marrow, adipose and perinatal sources,” said Dominik Duscher, M.D., Ph.D., Chief Executive Officer and President of MuseCell Innovations. “The central scientific and quality principle is that Dezawa MuseCell identity is defined by manufacture under the licensed Dezawa Method and conformance to MCI’s product specifications—not by the anatomical source alone. That distinction allows the platform to expand without abandoning the methodology and standards that define the DMC phenomenon.”

“I discovered Dezawa MuseCells as a naturally occurring, stress-enduring cell population,” said Professor Mari Dezawa, M.D., Ph.D., Chair of MCI’s Scientific Advisory Board. “As manufacturing expands across qualified tissues, reproducibility depends on preserving the Dezawa Method and the defining product characteristics on which the platform was developed. Celularity provides an important opportunity to scale that approach in the United States, adding another home to the DMC global production.”

Quality, Traceability and Manufacturing Control

MCI’s platform is designed to document source qualification, manufacturing authorization, lot level testing and chain of custody through authorized distributors. The collaboration is intended to expand MCI’s U.S. manufacturing network while preserving product-specific quality controls and the distinction between MCI-authenticated DMC products and unverified SSEA-3-positive preparations manufactured outside the licensed Dezawa Method and MCI’s release framework.

About Celularity

Celularity Inc. (Nasdaq: CELU) is a longevity-focused regenerative and cellular medicine company developing and manufacturing allogeneic and autologous cell therapies derived from the postpartum placenta. Celularity leverages the placenta’s unique biology, immunologic properties and scalable availability to develop therapeutic solutions targeting fundamental mechanisms of aging and age-related disease. Celularity’s cellular therapy portfolio includes cenplacel-L, its placental-derived allogeneic cell therapy, and other investigational cellular therapies. Celularity is headquartered in Florham Park, New Jersey, where it operates a purpose built facility supporting the development and manufacture of cellular therapies and advanced biomaterials.

For more information, please visit www.celularity.com.

About MuseCell Innovations

MuseCell Innovations® Pte. Ltd. (“MCI”), headquartered in Singapore, is the owner of the Dezawa MuseCell platform based on the discoveries of Professor Mari Dezawa, M.D., Ph.D. The platform encompasses Dezawa MuseCells, Dezawa MuseExosomes and Dezawa MuseSecretome and is defined by licensed manufacturing, MCI-controlled product specifications, lot-level testing and traceability. Muse cell biology and investigational applications have been described in more than 170 peer-reviewed publications and evaluated in multiple human clinical studies.

For more information, please visit www.musecellinnovations.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws, including statements regarding the collaboration between Celularity and MCI; the timing, execution and success of technology transfer, process development, manufacturing readiness activities, qualification, scale-up and product release; Celularity’s ability to establish manufacturing capability for DMCs from qualified bone marrow, adipose and perinatal sources; the ability of the licensed Dezawa Method and MCI product specifications to support reproducible manufacturing across source materials; the parties’ efforts to expand manufacturing to DMC-derived products; Celularity’s proprietary cellular medicine programs; and the parties’ plans and objectives in cellular medicine, regenerative medicine and longevity; and MCI’s estimate that its aggregate purchases from Celularity could exceed $300 million over the next five years.

Forward-looking statements are based on current expectations, estimates, assumptions and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially. These risks include, among others, inability to complete technology transfer, qualify or validate a manufacturing process, achieve target yields, demonstrate comparability or release product; source-material and batch variability; unexpected technical or development challenges; safety, quality, regulatory, legal, intellectual-property, supply-chain, financing and commercial risks; changes in applicable laws or regulatory interpretations; and other risks described in Celularity’s filings with the U.S. Securities and Exchange Commission. The estimated value of potential purchases and statements regarding potential employment opportunities are based on current market conditions and assumptions regarding future demand, production requirements, product mix, pricing, successful manufacturing qualification, the scope and timing of any expansion of the collaboration, anticipated production volumes, staffing requirements and the parties’ continued collaboration. These statements do not constitute binding purchase or employment commitments, and there can be no assurance that MCI will make purchases in the amounts or within the time periods anticipated, or at all beyond its existing contractual commitments, or that any particular number of employment opportunities will be created, supported or retained, within any anticipated timeframe or at all. Neither cenplacel-L nor any MCI product described in this release has been approved or licensed by the U.S. Food and Drug Administration for any indication or use. Except as required by law, Celularity undertakes no obligation to update or revise any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260827982573/en/

Media and Investor Contact

Celularity Inc.

info@celularity.com

MuseCell Innovations

mci@jacktaylorpr.com

info@musecellinnovations.com

Source: MuseCell Innovations

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CHIPS Act R&D Stalls as Manufacturing Surges Ahead

On 6 August, the U.S. Government Accountability Office (GAO) released a report on the state of the 2022 CHIPS and Science Act, a bipartisan federal law passed under the Biden Administration to boost U.S. semiconductor manufacturing and R&D. While manufacturing projects funded by the act are making notable progress, the money earmarked for R&D remains mostly unused, and the Department of Commerce, which administers the funds, has not published a plan for meeting the requirements of the law, according to the report. GAO says this lapse could put the U.S. at risk of missing out on the opportunity to advance semiconductor tech.

The industry experts we spoke with agree with GAO’s assessment. That includes Donna Dubinsky, serial entrepreneur and former Commerce Department official.

“We need to be the leader in manufacturing as well as in research, both advanced manufacturing technology and advanced designs, and Congress apportioned money to do it,” she says. Dubinsky was a trustee of Natcast, the public-private research consortium tasked with administering the National Semiconductor Technology Center (NSTC), the CHIPS Act’s R&D component, until August 2025 when Commerce cancelled its $7.4-billion contract in favor of operating NSTC itself.

The April 2026 charter Commerce wrote for the NSTC “does not mention the strategy or contain sufficient detail to demonstrate plans for the NSTC to align with” the National Strategy on Microelectronics Research, a requirement of the CHIPS Act, GAO wrote. Commerce has also failed to involve the private sector in establishing its investment fund, another requirement of the Act. Commerce did not respond to a request for an update on its plans for meeting the national strategy and other CHIPS Act R&D requirements.

Instead of carrying out the original goals of the CHIPS Act, Dubinsky says, “we are choosing to not invest in future semiconductor technology leadership in the U.S, and I don’t understand that choice…Now it’s going to be in Belgium. It’s going to be in Tokyo. It’s going to be in Korea. It’s not going to be in the U.S.”

What is working in the United States, according to the GAO report, is the disbursement of manufacturing incentives.

CHIPS manufacturing incentives are working

Bars show the number of CHIPS Act manufacturing incentive award projects anticipated to complete in a given year. The line shows the running percentage of total projects anticipated to complete by the end of that year. Source: U.S. Government Accountability Office

The GAO report shows that CHIPS Act-funded manufacturing programs are progressing. As of April 2026, 24 out of the 144 milestones across 49 projects had been completed, and the funding associated with them had been disbursed. Since April, Commerce has announced seven additional projects (five for USA Rare Earth, one each for Bosch and Powerex).

GlobalWafers, a Taiwan-headquartered silicon wafer company, is building wafer production facilities in Texas and Missouri with CHIPS Act direct grant support. They have had no problems receiving their milestone-based incentives so far, says Brent Omdahl, senior vice president of government affairs. They completed phase one of their Texas facility last year, receiving the promised $200 million shortly afterward.

“Obviously everybody in industry got perhaps a little anxious when President Trump, at the beginning of the administration, said he didn’t like the direct grant program,” Omdahl says. But he says he hasn’t heard of the government coming back to awardees to ask for equity positions, something industry watchers were concerned about. If anything, the Trump Administration’s changes to the CHIPS direct grant program have made the company’s work run more smoothly, he says.

According to the GAO report, a majority of CHIPS Act manufacturing projects will be complete by 2028, with all expected to finish by 2033.

R&D is floundering

The GAO reports that the Department of Commerce has disbursed only about $506.8 million of $11 billion appropriated for R&D. Commerce has also made new awards totaling $900 million outside the original CHIPS Act R&D framework.Source: U.S. Government Accountability Office

Since the arrival of the new administration, Commerce has cancelled $7.8 billion of the $11 billion appropriated for R&D under the CHIPS Act. Most of that was intended to go to Natcast to operate NSTC.

Commerce has funded two components of the R&D arm of the CHIPS Act, GAO reports: about $347 million for metrology research conducted by the National Institute of Standards and Technology and less than $5 million on the Act’s Small Business Innovation Research component.

Outside the cancelled NSTC framework, Commerce has since awarded $900 million to xLight, Sandbox AQ, and I-Pulse, and promised an additional $2 billion in preliminary awards for quantum computing it intends to take from CHIPS Act R&D funds, the GAO reports.

Unlike awards under the NSTC framework, these awards required equity from the companies in exchange for the government funds. “They’re using these funds for investment in equity, when these are companies that have access to the capital markets,” Dubinsky says, “If private capital is serving a sector well, then there’s no need for the government to play a role. The whole idea of this program was to provide leverage that would enable substantially more private sector investment.”

VJ Sahi, a partner and vice president at government funding consultancy Clark Street Associates, notes that “there were no significant developmental awards in flight” within the NSTC, so its cancellation may not have harmed valuable research or development so much as delayed it. “The trade-off has been a delay…but it has also provided more available capital [which is positive] if they can now move to deploy those R&D dollars on a reasonable schedule.”

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2 ETFs Play the Reshoring Boom

Traditionally speaking, when new threats of tariffs hit the headlines, it tends to be a bad thing for many investment approaches.

• While escalating tariffs could be a concern for the markets, a couple of different sectors may be more insulated than others.
• This includes sectors engaged in reshoring: the process in which a company moves its production or manufacturing back to its original country.
• Both the iShares U.S. Manufacturing ETF (MADE B) and the Amplify Lithium & Battery Technology ETF (BATT ) could offer compelling routes to take advantage of momentum in the reshoring space.

Granted, there are plenty of fair reasons why tariffs become a problem for the market. Not only do tariffs tend to ratchet up geopolitical tensions, but they can also cause the price of certain imported goods and raw materials to increase.

However, there are some sectors of the market that tend to be less exposed to the dangers of tariffs. This includes companies that benefit from reshoring—the act of moving a company’s manufacturing or production operations back to its original country.

Companies currently thoroughly engaged in the reshoring process could be at a distinct advantage as tariffs continue to escalate. After all, businesses with stronger domestic supply chains may require less international shipping, and thus can avoid some of these rising costs.

Notably, the United States has a number of reshoring incentives that benefit different sectors of the market. This includes the Chips & Science Act for semiconductors, and Inflation Reduction Act for clean energy. Additionally, the industrials sector is benefitting from different manufacturing companies engaging in reshoring.

See More: Take-Two Latest Earnings: Try These 2 ETFs Ahead of GTA 6

Since reshoring can benefit a few different sectors, advisors and investors have some different options for how they wish to capitalize on the trend. For instance, the iShares U.S. Manufacturing ETF (MADE B) could be a straightforward option.

MADE invests in companies based in the United States that are heavily engaged in the manufacturing industry. This approach can help investors capitalize on reshoring, while attaining targeted domestic manufacturing exposure. As of July 31, 2026, the fund is offering a year-to-date total return of 17.88%.

See More: Balance China’s Shifting Lithium Market With the BATT ETF

Another option is to take a look at the Amplify Lithium & Battery Technology ETF (BATT ). BATT invests in companies that derive significant revenue from the lithium battery industry, which is a natural beneficiary of clean energy.

Leaning into a fund like BATT can help investors and advisors capitalize on clean energy reshoring, while tapping into the broad need for battery storage and lithium batteries as a whole. The fund’s NAV is up 16.45% year-to-date, as of August 26, 2026.

BATT and MADE showcase how there are plenty of different approaches that can work for tackling the reshoring opportunity set. Whether one wants to lean into clean energy, manufacturing, or a different sector entirely, the flexibility of the ETF wrapper allows folks to ensure there are plenty of options at their disposal.

For more news, information, and analysis, visit the Thematic Investing Content Hub.

VettaFi LLC (“VettaFi”) is the index provider for BATT, for which it receives an index licensing fee. However, BATT is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of BATT.

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Global Tier-1 YFORE launches U.S. manufacturing factory in Atlanta

SUWANEE, Ga., Aug. 27, 2026 /PRNewswire/ — YFORE officially inaugurated its new 62,225 sq. ft. American Headquarters in Suwanee, Georgia. Integrating R&D, manufacturing, procurement, sales, and delivery, the facility brings resilient supply chains directly to local automotive partners.

Rooted Locally, Empowering Global Mobility

Local officials, global OEM partners, and supply chain leaders joined YFORE Technology to celebrate this strategic milestone.

“Becoming the trusted partner for intelligent vehicle clients is YFORE’s core mission, and our Georgia facility brings that commitment to life,” said Leo Liu, CEO of YFORE. “Driven by rising OEM demand for localized, resilient supply chains, this investment embodies our ‘Global Footprint, Local Excellence’ strategy. By pairing global scale with dedicated on-site teams, we deliver agile co-development and responsive delivery close to our customers.”

Alex Warner, President of the Forsyth County Chamber, welcomed the investment and its contribution to regional growth: “Today is not just an opening—it’s YFORE becoming part of the Forsyth County family.”

First US-Made Digital Key Rollout & Tech Showcase

• Intelligent Mirror: Leveraging its pioneer standing in digital vision and proven mass production on 60+ vehicle models globally, YFORE showcased Interior Digital Mirrors, Auto-Dimming Mirrors, and Exterior Side Mirrors. Its Multifunctional Digital Mirror made its global debut, integrating DMS/OMS sensing and intelligent interactions into a centralized hub for simplified wiring, optimized overhead space, and full-domain perception.
• Intelligent Access: With mass production across 50+ global models, YFORE provides a “Car-Cloud-Phone/Watch” digital key solution supporting BLE, UWB, and NFC across intelligent devices, KeyFobs. Door handle sensors and an anti-pinch system completes an end-to-end smart vehicle entry ecosystem.
• Intelligent Sensing: Making its global debut, YFORE’s ODMS In-Cabin Full-Coverage Sensing System fuses smart mirror optics with radar sensing for full-cabin precision monitoring and E-NCAP compliance. Advanced UWB multi-function convergence enables kick sensors, low-power sentry mode, and in-cabin life detection without extra hardware.

Guests toured the SMT and automated digital key production lines and experienced YFORE’s products firsthand.

As automakers demand greater supply chain agility, YFORE is strengthening its local presence worldwide. With resilient local service, YFORE is committed to building an open, collaborative ecosystem with automotive partners worldwide.

About YFORE

YFORE is a global Tier 1 automotive electronics supplier dedicated to driving the future of intelligent mobility. Partnering with more than 30 leading automotive OEMs worldwide, YFORE delivers high-performance, automotive-grade solutions across Intelligent Access, Intelligent Mirror and Sensing systems.

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Graphene Manufacturing (TSXV: GMG) (OTCQX: GMGMF) New G FLUID™ Technology Targets AI Data Center

August 25, 2026 – Graphene Manufacturing Group Ltd. (TSXV: GMG) (OTCQX: GMGMF) is expanding its commercial graphene portfolio into the rapidly growing AI data center cooling and high-density computing infrastructure market with the launch of G FLUID™, a graphene-enhanced water coolant additive designed for closed-loop cooling systems.

G FLUID™ is added directly to existing water-based coolant and is designed to help transfer heat away from equipment more efficiently. In preliminary internal testing reported by GMG, adding G FLUID™ to demineralized water at a 1% dose—with graphene representing approximately 0.01% of the final solution by weight—produced an approximately 20% increase in heat-transfer rate.

AI Data Centers Create a Potential New Growth Market

The timing could be significant. The continued expansion of artificial intelligence, GPU computing, cloud infrastructure, hyperscale data centers and high-performance computing (HPC) is creating unprecedented demand for electricity and increasingly sophisticated data center thermal management and liquid cooling technologies.

GMG is initially targeting power-intensive data centers but sees potential applications across industrial process chillers, manufacturing facilities and commercial HVAC systems. The company cites a global cooling-water treatment chemicals market valued at approximately US$15 billion annually in 2026, projected to reach US$27.2 billion by 2035.

G FLUID™ has also demonstrated up to 87% antimicrobial testing outcomes in independent third-party laboratory testing conducted under EN 1276, adding another potential performance characteristic for closed-loop cooling applications.

Watch the G FLUID™ video now: https://youtu.be/_uAGHFaKQQQ

Alongside Graphene Manufacturing Group Ltd. (TSXV: GMG) (OTCQX: GMGMF), investors are also watching actively traded stocks including Sphere 3D Corp. (NASDAQ: ANY), Expion360 Inc. (NASDAQ: XPON), HIVE Digital Technologies Ltd. (TSX: HIVE) (NASDAQ: HIVE), and Keel Infrastructure Corp. (NASDAQ: KEEL) (TSX: KEEL), as small-cap and emerging growth stocks tied to data centers, energy storage, digital infrastructure and power technologies continue attracting market attention.

U.S. Manufacturing Could Become Another Catalyst

GMG has also submitted an amended application to the U.S. Environmental Protection Agency (EPA) seeking authorization to manufacture graphene and its THERMAL-XR®, G® LUBRICANT and G FLUID™ products in the United States, in addition to existing sales permissions.

GMG expects a decision on the amendment by the end of September 2027. Importantly, the company says its existing Consent Order conditions covering THERMAL-XR® sales into the United States remain unaffected.

Approval could eventually provide GMG with greater flexibility to establish U.S.-based graphene manufacturing and supply-chain capabilities closer to customers across the data center, HVAC, industrial and energy markets.

Why G FLUID™ Could Matter to GMG’s Future Valuation

For investors, G FLUID™ potentially adds another commercial market to a graphene platform already targeting HVAC energy efficiency, industrial cooling, oil and gas, rail transportation, lubricants and next-generation batteries.

If independent testing, customer trials and commercialization ultimately demonstrate meaningful energy savings at scale, G FLUID™ could give GMG exposure to the massive investment underway in AI data centers, liquid cooling, GPU infrastructure and energy-efficient computing. That could broaden the company’s addressable market and potentially support recurring product revenue as coolant is deployed and maintained across cooling systems.

The development complements GMG’s recent commercial progress, including its Gen 2.0 Graphene Manufacturing Plant, record sales orders, THERMAL-XR® commercialization, global industrial partnerships, and development of its Graphene Aluminum-Ion Battery technology.

These milestones do not guarantee a higher GMG/GMGMF share price. However, successful commercialization of G FLUID™, validation with major data center customers, U.S. regulatory progress and scalable graphene manufacturing could provide investors with additional metrics for valuing GMG beyond its existing advanced-materials business.

As global spending accelerates across AI infrastructure, data center cooling, advanced materials, clean technology and energy efficiency, G FLUID™ gives Graphene Manufacturing Group another potentially significant pathway to convert its proprietary graphene technology into commercial revenue.

About Graphene Manufacturing Group Ltd.

Graphene Manufacturing Group Ltd. (TSXV: GMG) (OTCQX: GMGMF) is an Australian clean-technology company that manufactures graphene in-house and develops graphene-enhanced solutions for energy efficiency, thermal management, industrial applications and next-generation energy storage. GMG’s portfolio includes graphene coatings, lubricants, data center cooling technologies, battery materials and advanced graphene battery development.

About The Street Reports

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Company that makes equipment for computer chip manufacturing commits $1.5B in Tualatin, breaks ground on new lab

FILE – The inside of a computer is seen on Feb 23, 2019, in Jersey City, N.J. A global computer chip shortage has made it harder for consumers to get their hands on cars, computers and other modern-day necessities, so Congress is looking to boost chip manufacturing and research in the United States with billions of dollars from the federal government.

Jenny Kane / AP

A company vital in designing and building equipment for the world’s largest computer chip firms broke ground on a $620 million research and development lab in Tualatin Wednesday.

Overall, Lam Research will spend $1.5 billion on major research and development laboratories in Washington County over the next decade and half.

It’s part of a global expansion of the semiconductor equipment firm’s network of labs. Lam Research plans to pump $3 billion into operations in the U.S., as well as in Asia and Europe.

“In the AI era, the pace of innovation is relentless, requiring chips with new architectures, different materials, and complex features engineered with nanoscale precision,” Lam Research CEO Tim Archer said in a written statement earlier this month about the $3 billion global investment. “Our ability to increase velocity throughout the research and development process has become a decisive advantage.”

Wednesday’s groundbreaking comes at a precarious time for the state’s manufacturing sector, which includes semiconductor manufacturing. The sector has been shedding jobs as companies consolidate. Oregon has lost nearly 8,500 manufacturing jobs over the last year, according to state employment data.

Those losses include nearly 2,500 layoffs last summer at major chipmaker Intel, the state’s largest private employer. Lam Research designs and builds tools for Intel and other major semiconductor companies, like Micron.

Lam Research’s groundbreaking ceremony on its new research & development lab in Tualatin, Oregon. The facility is expected to create 400 jobs at the semiconductor equipment company.

Kyra Buckley / OPB

The job losses come despite soaring demand for computer chips due to advancement in the use of artificial intelligence. Intel, which acts as an anchor company for Oregon’s industry that’s mainly concentrated in Washington County, is playing catch-up to other companies when it comes to AI.

But recent partnerships now have Intel providing chips for data centers, needed to keep the AI industry running. Experts say that won’t necessarily translate into big jobs gains for Oregon’s technology manufacturing sector. However, it does raise confidence for equipment companies like Lam Research that their products will be in demand for the foreseeable future.

Lam currently employs around 3,000 people, mostly at its campus in Tualatin. Once constructed, the new 120,000 square foot facility is expected to add another 400 jobs to the company’s headcount. Under a multi-year deal with Washington County, the new building qualifies for property tax breaks and Lam will pay an estimated $111 million in taxes and fees over the life of the agreement.

“Our new advanced Oregon lab is expected to deepen our specialized capabilities and add tens of thousands of square feet of valuable cleanroom space,” Sesha Varadarajan, Lam’s chief operating officer, said in written statement about Wednesday’s groundbreaking, “enabling even closer collaboration with customers while strengthening the expertise and reach of our global lab network.”

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