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,

Micron Technology received a grant of up to $6.165 billion grant from the federal CHIPS Act to manufacture semiconductors domestically.

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.

U.S. Senate Majority Leader Chuck Schumer announced Monday that Micron Technology has finalized a $6.1 billion federal funding agreement through the bipartisan CHIPS and Science Act to support the construction of a state-of-the-art memory chip facility in Central New York.

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.

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),