Micron Technology (MU) to invest $250 million in fund for green chip community
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Update time : 2022-10-29 11:25:42
Micron Technology (MU) and New York Governor Kathy Hatcher welcomed President Joe Biden and other federal, state and local officials to Central New York, where Micron plans to invest $100 billion over the next 20-plus years to build a storage mega-fab. With the signing of the Community Investment Framework, Micron will mark the initial community and workforce commitment it established with Empire State Development (ESD). The framework includes a $500 million Green Chip Community Investment Fund focused on supporting workforce development, education, community assets and organisations, affordable housing, and other measures to ensure that Central New York's workforce will have the advanced skills needed to sustain semiconductor manufacturing. Micron will invest $250 million in the fund, with an additional $100 million coming from New York and $150 million from local, other state and national partners.
Micron will also establish a community advisory committee comprised of 11 different community members, in addition to representatives from local and state governments and Micron Technology. The committee will determine the priorities and expected areas of investment for the fund. In this way, Micron and ESD aim to better understand and address the needs of Central New York communities and to make targeted investments throughout the region. Governor Hatcher, Empire State Development Corporation CEO Hope Knight and Micron President and CEO Sanjay Mehrotra will work with local partners to sign the Community Investment Framework, supporting the spirit of partnering with ESD to invest in the region. Micron's plan to build a major facility in New York will create nearly 50,000 jobs, including approximately 9,000 high-paying Micron jobs, as a result of the bipartisan cooperation between Congress and the Biden Administration to pass the Chip and Science Act.
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