09:08 AM EDT, 04/19/2024 (MT Newswires) -- Micron Technology ( MU ) said in a regulatory filing Friday that subsidiary Micron Virginia Semiconductor Manufacturing has applied to the US Department of Commerce's CHIPS Program Office in response to a notice of funding opportunity for semiconductor manufacturing.

The application, which was filed Wednesday, requests federal grants to modernize long-lifecycle DRAM products at Micron's semiconductor manufacturing facility in Manassas, Virginia. The company said the grants, along with federal investment tax credits and Virginia state incentives, are needed to proceed with the project.

Shares of Micron Technology ( MU ) were down 2.2% in recent premarket activity.