April 17 (Reuters) - Memory chip maker Micron Technology ( MU )

is set to get more than $6 billion in grants from the

U.S. Commerce Department to help pay for domestic chip factory

projects, Bloomberg News reported on Wednesday.

The award, which is not yet finalized, could be announced as

soon as next week, the report said, citing people familiar with

the matter.

It is not clear whether the company also plans to accept

loans available through the 2022 CHIPS and Science Act, the

report added.

Micron and the U.S. Commerce Department did not immediately

respond to Reuters requests for comment.

Over the past few months, U.S. President Joe Biden has

announced several funding initiatives, including nearly $20

billion in loans and grants for Intel ( INTC ) and a $1.5

billion grant to GlobalFoundries ( GFS ).

With an outlay of $52.7 billion, the CHIPS Act's goal is to

reduce reliance on China and Taiwan and boost domestic

production, as the U.S. share in global semiconductor

manufacturing capacity has fallen from 37% in 1990 to 12% in

2020, according to the Semiconductor Industry Association.