Micron Poised to Get Over $6 Billion in Chips Grants in Announcement Next Week [BNN Bloomberg (Canada)]
Intel Corporation (INTC)
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Source: BNN Bloomberg
Commerce Department to help pay for domestic factory projects, part of an effort to bring semiconductor production back to American soil. The award, which isn't yet finalized, could be announced as soon as next week, according to people familiar with the matter. It's not clear whether the company also plans to accept loans available through the 2022 Chips and Science Act in addition to the direct grant funding. Micron, based in Boise, Idaho, is building factories in New York and its home state. After the preliminary agreement is announced, the firm would enter months of due diligence and then receive the money in tranches tied to project-specific benchmarks. Representatives for Micron, the Commerce Department and the White House declined to comment. The Chips Act set aside $39 billion for direct grants, as well as loans and loan guarantees worth $75 billion, to revitalize American chipmaking after decades of production shifting to Asia. Officials have unveiled six preliminary
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