CHANDLER, Ariz. - Everspin Technologies Inc . (NASDAQ:MRAM), a prominent player in the Magnetoresistive RAM (MRAM) market, has officially applied for the CHIPS Incentives Program under the CHIPS for America Act. The application, submitted to the National Institute of Standards and Technology, aims to expand the company's existing 200mm MRAM production capacity and enhance its long-term research and development in intellectual property.
Sanjeev Aggarwal, President and CEO of Everspin, expressed optimism about the application, stating that the potential funding could significantly bolster the company's semiconductor contributions. He highlighted the importance of the potential funding in expanding their 200mm Toggle and Spin-Transfer Torque MRAM (STT-MRAM) capacity. While the decision timeline is unclear, the company remains hopeful for a positive outcome that would support its growth and reinforce its leadership in the MRAM technology sector.
Everspin Technologies, headquartered in Chandler, Arizona, stands as the only volume producer of MRAM in the United States, serving a broad customer base with its high-performance non-volatile memory solutions. These solutions are critical for applications in Industrial IoT, Data Centers, and other sectors where data persistence is a key requirement.
It is important to note that while Everspin has announced its application for the CHIPS Act funding, there are no guarantees of receiving the funds. The company has acknowledged that the forward-looking statements regarding the funding application involve risks and uncertainties that could result in different outcomes than expected.
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