Akash Under Consideration for the Transformative CHIPS & Science Act Funding
San Francisco, 10 August, 2023 – The technology landscape has witnessed significant strides in the past year, one of which is the creation of the CHIPS & Science Act, which aims to boost the United States’ competitiveness in critical technologies through federal investments.
We are excited to announce that Akash Systems is under consideration for substantial funding from the transformative act. If we succeed in obtaining this backing, it won’t just be a testament to our vision but also a gateway to rapid expansion. With the potential influx of hundreds of millions of dollars, we can scale our business at an accelerated pace.
Presently, our primary focus has been space, however, with this funding, our capabilities will expand, allowing us to venture into promising and fast-growing markets like EV, autonomous vehicles, electric grid power, solar cell markets, AI chips, and wireless circuits. These sectors not only offer rapid growth but also present expansive opportunities beyond what space currently offers us. Furthermore, we anticipate being cash flow positive within just two years, amplifying our operational capacity in a remarkably short timeframe.
While the funding would be transformational for Akash, we also want to bring that transformation to our community. Our goal is to bring 500 jobs in the realms of space tech and green tech manufacturing to West Oakland.
“When Akash grows, we’re bringing our community with us,” states Felix Ejeckam, co-founder and CEO of Akash Systems. “That’s always been an integral part of our mission – to uplift and empower West Oakland through sustainable advancements in space and green technology.”
This monumental journey is not being made by Akash alone. We’ve garnered significant backing from noteworthy California leaders. Leaders such as Representative Barbara Lee, Oakland Mayor Sheng Thao, Senator Alex Padilla and Senator Diane Feinstein have supported us throughout the application process. California’s GoBiz office led by Dee Dee Myers selected Akash for a $20 million tax credit award just last month. We are honored to have such incredible leaders who understand and believe in our vision.
The road ahead, while filled with challenges, promises immense potential. With the prospect of the CHIPS & Science Act funding, Akash is poised to not just transform its capabilities but also better serve the West Oakland community. We eagerly await the outcome, hopeful and determined to make a lasting difference.