Independent wafer manufacturer Tower Semiconductor said on Tuesday it received $44.7 million from its partners, out of a total of $305 million in promised investment funding for its new wafer plant.

Of the $44.7 million, $21.4 million is a credit to be applied as a pre-payment of 15% of the price of future wafer purchases from the plant.

With the installment, Tower's equity partners received 1.87 million additional ordinary shares in Tower as follows: SanDisk Corp (Nasdaq:SNDK),

Alliance Semiconductor

(Nasdaq:ALSC), and Macronix International (Nasdaq:MXICY) each received 366,690 shares; QuickLogic Corp (Nasdaq:QUIK) received 122,230 shares;

Israel Corporation

received 586,667 shares; and the Challenge Fund received 58,667 shares.

To date the partners have invested $170.8 million, of which $99.6 million is paid-in-capital against the issuance of 7.7 million ordinary shares. Some $71.2 million is in credits.

Tower recently began constructing a $1.6 billion plant in northern Israel to produce up to 33,000 200-mm wafers per month, in geometries of 0.18 micron and below.