On April 25, 2024, the U.S. government, under the Chips and Science Act, announced plans to provide Micron with up to $6.14 billion in direct subsidies, equating to approximately 445.76 billion RMB.
This funding is intended to support Micron’s investment of $50 billion (about 3630 billion RMB) by 2030 to establish two advanced DRAM memory “megafab” plants in Clay, New York, and a large-scale production facility in Boise, Idaho, where Micron is headquartered.
Construction of Micron’s first megafab in Clay is set to begin in 2025, with operations commencing in 2028. The Boise facility is expected to go online in 2025 and begin DRAM production in 2026.
These investments are part of a larger $125 billion investment by Micron, with the objective to invest a total of $100 billion in Clay to build four such megafabs by 2041; the Boise project is valued at $25 billion.
Each of these megafabs will feature a cleanroom space of 600,000 square feet (approximately 55740 square meters). These facilities are projected to boost the U.S.’s share in the global advanced memory manufacturing sector from less than 2% to around 10% by 2035.
Over the next two decades, these five plants are expected to create 11,000 corporate jobs, 9,000 construction jobs, and 55,000 indirect jobs.
Additionally, under the memorandum, Micron is also eligible for up to $7.5 billion in loans (about 544.5 billion RMB), investment tax credits from the U.S. Treasury, and incentive measures worth $5.5 billion (about 399.3 billion RMB) from the state government of New York.
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