12:48 PM EDT, 04/18/2024 (MT Newswires) -- Micron Technology ( MU ) will get $6.1 billion in grants from the US government to woo the chipmaker to build facilities in New York and Idaho, Sen. Chuck Schumer, D-NY, announced Thursday.

The company has reached a preliminary funding agreement with the US Department of Commerce under the CHIPS & Science law which is designed to spur investments in the semiconductor industry on American soil.

The Commerce Department will conduct due diligence on Micron's proposed project before signing off on the federal grant.

Without the CHIPS law "Micron and other major chips projects in New York and around the country would not be happening at the transformational scale that is occurring," Schumer said in a statement.

Micron Technology ( MU ) shares were down 3% in recent trading.