According to Venture Beat, the Obama administration is aiming to invest in an R&D lab in Silicon Valley. The plan is to create a "flexible hybrid electronics manufacturing innovation hub" that will cost more than $171 million. The institution is going to involve 162 companies, universities, organizations and labs including major names such as Apple, HP, Stanford and will target innovation in the field of wearable technology and flexible electronics.
RELATED: See this gallery for a visual history of wearable technology
History of wearable tech
Obama is going to open a wearable tech hub in Silicon Valley
British stage actress Zena Dare (1887 - 1975) models some sort of acoustic headset, 1900s. (Photo by Vintage Images/Getty Images)
UNSPECIFIED - CIRCA 1934: A forerunner model of the famous Walkman is presented on the occasion of the London Radio-Fair, Photograph, August the 16th, 1934 (Photo by Imagno/Getty Images) [Ein Vorl?ufer des Walkman wurde auf der Londoner Radiomesse pr?sentiert, Photographie, 16, August 1934]
The first combined computer-calculator and wristwatch to be produced, known as 'Pulsar', on show at the International Watch and Jewellery Trades Fair at Wembley, London. (Photo by Malcolm Clarke/Getty Images)
UNITED STATES - MARCH 22: Four subway riders listening to their walkmans. (Photo by Dick Lewis/NY Daily News Archive via Getty Images)
Headset radio: Publicity portrait of American broadcast journalist Mike Wallace, who wears a wireless headset and holds a pad and pen ready, May 7, 1964. Wallace is demonstrating new wireless equipment he will use for the upcoming 1964 Republican National Convention. (Photo by CBS Photo Archive/Getty Images)
SATURDAY NIGHT LIVE -- Episode 11 -- Aired 01/20/2007 -- Pictured: (l-r) Kristen Wiig as A-hole girl, Jason Sudeikis as A-hole guy during 'Two A-Holes at an Adoption Agency' skit on January 20, 2007 (Photo by Dana Edelson/NBC/NBCU Photo Bank via Getty Images)
SAN JOSE, CA - OCTOBER 26: Steve Jobs (2nd-R) of Apple Computer poses with Interscope Geffen A&M Records Chairman Jimmy Iovine (L) Bono (2nd-L) and The Edge (R) of U2 at a celebration of the release of a new Apple iPod family of products at the California Theatre on October 26, 2004 in San Jose, California. (Photo by Tim Mosenfelder/Getty Images)
TODAY -- Pictured: (l-r) Savannah Guthrie and Matt Lauer appear on NBC News' 'Today' show. Savannah tries out Google Glass -- (Photo by: Peter Kramer/NBC/NBC NewsWire via Getty Images)
PALO ALTO, CA - APRIL 10: An Apple Store employee wears an Apple Watch at an Apple Store on April 10, 2015 in Palo Alto, California. The pre-orders of the highly-anticipated wearable from the tech giant begin today as the watches arrive at stores for customers to preview. (Photo by Stephen Lam/Getty Images)
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This is not the first location of its kind, as Obama has already established 6 similar centers around the United States, each one with a different focus from 3D printing to photonics.These centers aim to boost innovation in the country and move the technological evolution forward through advanced manufacturing. Another step in this direction was the order that the Obama administration issued earlier this year to start building what in 2025 will be the fastest computer on Earth and beat the record that China currently holds.