Micron to Provide Funding for Indium's New York Minerals Expansion

Micron Technology will provide strategic funding to help Indium Corporation expand its refining and high-purity materials manufacturing in Rome, New York, strengthening a domestic supply chain for advanced memory chips.

The companies plan to enter a long-term supply agreement that would give Micron access to the materials. The expansion is expected to restart U.S. processing of critical minerals used in semiconductor production.

The investment falls under a plan Micron announced in July to spend up to $3 billion on the U.S. semiconductor supply chain. Separately, the company expects to spend more than $250 billion on U.S. chip plants and technology through 2035, including a fabrication complex in New York.

“Advanced memory manufacturing depends on a reliable supply of critical minerals,” said Ben Tessone, Micron’s senior vice president and chief procurement officer. The companies’ next step is to enter the planned supply agreement.