According to a White House statement released today, The U.S. Department of Commerce has finalized a $6.1 billion subsidy for Micron Technology to support building domestic semiconductor facilities.
The investment, which was drafted in April, has unchanged from the original amount. The deal is one of the largest government investments in chip technology under the U.S. CHIPS and Science Act.
The money will go toward chip making facilities in New York and Idaho and is expected to create at least 20,000 jobs within the next five years.
An additional investment of $275 million could also be on the table to expand Micron Technology’s facility in Virginia – which manufactures chips for the auto, networking and industrial markets. The Virginia investment is an attempt to “onshore a critical technology relied upon by our defense industry, automotive sector and national security community”, the White House stated.
The announcement follows China’s ban of mineral exports to the US last week. President Joe Biden’s administration intends on reducing reliance on China and Taiwan for chip manufacturing before President-elect Donald Trump takes office.
By CEO NA Editorial Staff
