Department of Commerce Awards CHIPS Incentives to Micron for Idaho and New York Projects and Announces Preliminary Memorandum of Terms for Virginia DRAM Project to Secure Domestic Supply of Legacy Memory Chips

Today, the Biden-Harris Administration announced that the U.S. Department of Commerce awarded Micron Technology up to $6.165 billion in direct funding under the CHIPS Incentives Program’s Funding Opportunity for Commercial Fabrication Facilities. The award follows the previously signed preliminary memorandum of terms, announced on April 25, 2024, and the completion of the Department’s due diligence. This funding will support the first step in Micron’s two-decade vision to invest approximately $100 billion in New York and $25 billion in Idaho, which will create approximately 20,000 jobs and will help the U.S. grow its share of advanced memory manufacturing from less than 2% today to approximately 10% by 2035. The Department will disburse the funds based on Micron’s completion of project milestones.

This investment will help strengthen U.S. economic resiliency by bolstering a reliable domestic supply of leading-edge DRAM chips that are important ...