The US Commerce Department announced it has awarded memory chip maker Micron Technology with “up to $6.165 billion in direct funding” derived from the CHIPS Act.

The US Department of Commerce has awarded Micron Technology US$6.165 billion to expand memory chip production in New York and Idaho, creating 20,000 jobs. The chipmaker also secured US$275 million to modernize its Virginia facility,

The Department of Commerce has reached a binding agreement with Micron to award the company $6.165 billion in direct funding under the CHIPS and Science Act.

The U.S. Department of Commerce and Micron have finalized the deal for $6.1 billion in CHIPS and Science Act incentives, which will help with the construction of its semiconductor fab in Clay.

The Biden administration has reached a final agreement to give Micron Corp. nearly $6.2 billion in subsidies from a program designed to boost American semiconductor manufacturing, allowing funds to start flowing to factories in Idaho and New York.

The Biden-Harris administration has awarded semiconductor design company Micron Technology up to $6.165 billion in direct funding through the CHIPS Incentives Program.

Deal would create 20,000 new jobs in Idaho and New York Micron Technology on Tuesday received a grant of up to $6.165 billion from the federal CHIPS Act to manufacture semiconductors domestically. The money will be used for construction on Micron plants in New York state and Idaho.

Update: Adds share movement and additional information from Department of Commerce release. The U.S. Department of Commerce has finalized one of its largest awards to date with memory chipmaker Micron Technology (NASDAQ:MU),