CLAY, N.Y. — Micron Technology Inc, (NASDAQ: MU) and the U.S. Department of Commerce have finalized its CHIPS agreement for up to $6.1 billion in direct funding through the bipartisan CHIPS & Science Law. The funding will support Micron’s planned public-private investment of more than $100 billion over the next two decades, representing the largest […]
CLAY, N.Y. — Micron Technology Inc, (NASDAQ: MU) and the U.S. Department of Commerce have finalized its CHIPS agreement for up to $6.1 billion in direct funding through the bipartisan CHIPS & Science Law. The funding will support Micron’s planned public-private investment of more than $100 billion over the next two decades, representing the largest private investment in New York’s history, the office of U.S. Senate Majority Leader Charles Schumer (D–N.Y.) said in its Tuesday morning announcement. The money will also support the firm’s expansion at its headquarters in Boise, Idaho. The finalized agreement for federal CHIPS incentives will support the construction of Micron’s first two fabs in Clay and an expansion in Idaho to help meet the “soaring demand” for the chips Micron makes, Schumer’s office said. The U.S. Department of Commerce will disburse funds in the coming years as Micron meets project milestones agreed to in the final award. “Micron’s CHIPS funding is locked for Upstate NY. $6.1 billion from my bipartisan CHIPS & Science Law is now secured for Micron to build its new, state-of-the-art complex of memory chip fabs in Central NY and Idaho. A historic day and historic agreement for Upstate NY and America. This final award locks in the federal investment Micron needs for shovels to be able to hit the ground and create thousands of good-paying jobs here in Upstate NY,” Schumer said in the announcement. “Without my bipartisan CHIPS & Science Law none of this would be happening and America would be over reliant on semiconductors from overseas. The memory chips Micron makes are the bedrock of America’s future, from AI [artificial intelligence] to EVs [electric vehicles] to smartphones, as well as our most sensitive defense technology. The signed CHIPS award is the start of a new chapter for Central NY and America.” Gov. Kathy Hochul, Onondaga County Executive Ryan McMahon, and Syracuse Mayor Ben Walsh all released statements applauding the funding agreement’s signing. Besides the semiconductor campus in the town of Clay, Micron also plans to operate office space at One Lincoln Center at 110 W. Fayette St. in downtown Syracuse with its logo on the upper portion of the downtown office building.