Memory chip maker Micron Technology is set to receive $6.1 billion in grants from the U.S. Commerce Department to help pay for domestic chip factory projects, Senator Chuck Schumer said on Thursday.
The award, which is not yet finalized, will fund chipmaking facilities in New York and Idaho from the CHIPS & Science law, the senator said in a statement.
“This monumental and historic federal investment will power and propel Micron to bring its transformative $100+ billion four-fab project in central New York to life, creating an estimated 50,000 jobs,” said Senator Schumer.
New York Governor Kathy Hochul said in a statement that the largest private investment in American history is on its way to Central New York.
Micron plans to build a complex of chip plants in New York over the next 20 years, the senator said.
Over the past few months, Biden has announced several funding initiatives, including nearly $20 billion in loans and grants for Intel and a $1.5 billion grant to GlobalFoundries.
With an outlay of $52.7 billion, the CHIPS Act’s goal is to reduce reliance on China and Taiwan and boost domestic production, as the U.S. share in global semiconductor manufacturing capacity has fallen from 37% in 1990 to 12% in 2020, according to the Semiconductor Industry Association.
