Everspin Executes $40M Agreement for Mil-Aero MRAM Applications

Everspin Technologies, Inc., a developer and manufacturer of Magnetoresistive Random Access Memory (MRAM) persistent memory solutions, announced an agreement with a US prime contractor to provide state-of-the-art Toggle MRAM process technology capabilities and engineering services for United States Defense Industrial Base customers. “This work builds on Everspin’s long history supporting US DoW programs where performance, reliability, longevity and US domestic production are critical,” said Sanjeev Aggarwal, president and CEO, Everspin Technologies.  “Everspin’s MRAM solutions are used in military and aerospace applications because they deliver consistent performance over time, and this work allows us to continue advancing technology to meet evolving program requirements.”

Under this agreement, Everspin is a subcontractor on an existing Prime Contract and will provide engineering and foundry services for the US Department of War (DoW). Everspin’s recently announced foundry services agreement with Microchip expands its US-based manufacturing capability, which is expected to support future production of these programs. The agreement is valued at an aggregate of $40.0 million over two and a half years.