10:23 AM EDT, 04/25/2024 (MT Newswires) -- Micron Technology ( MU ) said Thursday it signed a non-binding preliminary memorandum of terms with the US government for $6.1 billion in funding under the CHIPS and Science Act to support the construction of memory chip manufacturing facilities in Idaho and New York.

The grants will support the company's plans to invest about $50 billion in gross capex through 2030, according to Micron.

The grants plus state and local incentives will support the construction of one memory chips fab in an existing R&D facility in Boise, Idaho, as well as the construction of two memory fabs in Clay, New York, Micron said.

The company plans to build an R&D and manufacturing center in Boise and a four-fab complex in Clay in the next 20-plus years with a potential investment of up to $125 billion, it said.

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