The Commerce Department said Tuesday that Micron Technology (MU) has been awarded up to $6.165 billion to make semiconductors in the U.S. as part of the 澳洲幸运5官方开奖结果体彩网:CHIPS and Science Act of 2022. 

The agency said the money would support Micron’s “two-decade vision” to invest approximately $100 billion in New York and $25 billion in Idaho for new factories and create about 20,000 new jobs. The 澳洲幸运5官方开奖结果体彩网:Commerce Department also said Micron would receive the funding in increments based on the completion of certain milestones.

In addition, the department signed a 澳洲幸运5官方开奖结果体彩网:non-binding agreement with the company to grant up to $275 million to expand and modernize Micron’s DRAM 澳洲幸运5官方开奖结果体彩网:memory chip facility in Manassas, Virginia. 

Grant To Fund Threeܫ New Memory-Chip Fabri▨cation Plants

Micron Chief Executive Officer (CEO) Sanjay Mehrotra said that, as the only American-based manufacturer of memory chips, “Micron is uniquely positioned to bring leading-edge memory manufacturing to the U.S., strengthening the country’s technology leadership and fostering advanced 澳洲幸运5官方开奖结果体彩网:innovation.” 

The original grant was 澳洲幸运5官方开奖结果体彩网:announced in April, and Tuesday’s statement followed 澳洲幸运5官方开奖结果体彩网:due diligence conducted by Commerce officials. At that time, Micron explained that the money would go toward building one leading-edge memory manufacturing fabrication plant, to be co-located with the company’s existing research and development facility in Boise, Idaho, and for constructing two leading-edge memory fabrication plants in Clay, New York.

The news didn’t help Micron Techno🌠logy stock Tuesday, w꧃hich lost 4.5% and was trading at $98.21 this afternoon. Still, shares are up 15% so far this year.