Micron Receives 6 Billion Dollars in Federal Grants to Make Chips In The US

The Key Takeaways

• Micron Technology received on Tuesday a grant up to $6.165 Billion from the federal CHIPS Act for manufacturing semiconductors in America.
• This money will go towards the construction of Micron’s plants in New York State and Idaho.
• The Commerce Department also gave preliminary approval to an additional $275 million to improve Micron's Virginia DRAM memory chip facility.

According to the Commerce Department, Micron Technology has received up to $6.265 billion for the manufacture of semiconductors in America as part of CHIPS and Science Act of 2020. 

Micron is a company that Micron said it would be supporting with the funds. “two-decade vision” The Commerce Department said that Micron would receive funding in increments based on the completion of certain milestones. Commerce Department stated that Micron’s funding would be allocated in stages based upon the achievement of specific milestones.

The Department of Energy also signed an agreement that is non-binding with Micron to provide up to $275,000,000 to modernize and expand the DRAM chip manufacturing facility at Manassas in Virginia. 

A Grant to Fund the Construction of Three Memory Chip Fabrication Plants

Sanjay Mehrotra (CEO of Micron) said, that as the sole American memory chip manufacturer, Micron is a leader in innovation. “Micron is uniquely positioned to bring leading-edge memory manufacturing to the U.S., strengthening the country’s technology leadership and fostering advanced innovation.” 

Commerce officials conducted an extensive due diligence before making the announcement on Tuesday. The grant originally announced was in April. Micron had explained at that time that the grant money would be used to construct two cutting-edge factories for manufacturing memory in Clay and New York, one of which will co-locate with Micron’s current research and development center in Boise.

Micron Technology’s stock, however, was not helped by the news. It fell 4.5% on Tuesday and traded at $98.21 in this afternoon. Shares are still up 15 percent so far in 2014.

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