Grants support Micron's plans to invest approximately $50 billion in gross capex through 2030 Memory fabs in Idaho and New York to strengthen U.S. economic and national security, expected to create approximately 75,000 direct and indirect jobs across the U.S. semiconductor supply chain BOISE, Idaho, April 25, 2024 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (NASDAQ:MU), one of the world's largest semiconductor companies and the only U.S.-based manufacturer of memory, and the Biden-Harris Administration today announced that they have signed a non-binding Preliminary Memorandum of Terms (PMT) for $6.1 billion in funding under the CHIPS and Science Act to support planned leading-edge memory manufacturing in Idaho and New York. The CHIPS and Science Act grants of $6.1 billion will support Micron's plans to invest approximately $50 billion in gross capex for U.S. domestic leading-edge memory manufacturing through 2030. These grants and additional state and local incentives will support the construction of one leading-edge memory manufacturing fab to be co-located with the company's existing leading-edge R&D facility in Boise, Idaho and the construction of two leading-edge memory fabs in Clay, New York. The investments announced today represent the first step toward Micron's vision of both a leading-edge R&D and manufacturing center in Boise, Idaho and a four-fab manufacturing complex in Clay, New York to be built over the next 20-plus years with potential investment totaling up to $125 billion. These investments will support Micron's objective to grow its memory bit supply in line with long-term industry bit demand growth. Micron retains flexibility under the PMT to remain responsive to market conditions over time. In addition to the announced $6.1 billion in grants, workforce grants to support Micron's efforts to build a vibrant talent pipeline are also being finalized.  In addition to the CHIPS grants, Micron expects to benefit from the U.S. Treasury Department's Investment Tax Credit, which provides a credit of 25% for qualified capital investments. The state of New York has made up to $5.5 billion available in incentives over the life of the project, comprised of a 5% New York investment tax credit on qualified capital investments and 7.5% of eligible non-construction labor costs. Micron and the state of New York also established the Green CHIPS Community Investment Fund to support community and workforce development in the region. The company will also benefit from an incentive package in the state of Idaho, including reduced state taxes related to the project and substantial investments in semiconductor workforce training programs. These federal and state incentives, combined with projected power cost advantages, along with R&D and manufacturing co-location synergies, enable Micron to achieve cost-competitive, leading-edge memory manufacturing in the U.S. Micron's planned state-of-the-art semiconductor manufacturing facilities are expected to create approximately 75,000 domestic jobs over the next 20-plus years and strengthen U.S. economic and national security, furthering American innovation and competition for years to come. In Idaho, this includes 2,000 Micron jobs, 4,500 construction jobs and 15,000 indirect jobs. In New York, this includes 9,000 Micron jobs, 4,500 construction jobs and 40,000 indirect jobs. Micron's plans will help to bolster the economies and quality of life in both Idaho and New York. The two projects, as planned, will represent the single largest private investments ever made in the states of Idaho and New York. "This is a historic moment for semiconductor manufacturing in the U.S.," said Micron President and CEO Sanjay Mehrotra. "Micron's leading-edge memory is foundational to meeting the growing demands of artificial intelligence, and we are proud to be making significant memory manufacturing investments in the U.S., which will create many high-tech jobs. We appreciate the foresight of U.S. President Joe Biden, U.S. Secretary of Commerce Gina Raimondo, U.S. Senate Majority Leader Chuck Schumer and the bipartisan delegation in Congress that supported the CHIPS and Science Act. Their steadfast focus championing these strategic investments will ensure U.S. semiconductor competitiveness for generations to come." "Leading-edge memory chips are foundational to all advanced technologies, and thanks to President Biden's leadership, America is rebuilding its capacity to produce these critical capabilities for the first time in almost two decades," said Secretary Raimondo. "With this proposed investment, we are working to deliver on one of the ...