Everspin Enters Strategic Manufacturing Agreement with Microchip Technology
Everspin Technologies announced its strategic manufacturing agreement with Microchip Technology to expand production capacity and strengthen long-term supply. Everspin has entered into an initial 10-year agreement, that can be extended in 2-year increments, with Microchip Technology to augment its onshore manufacturing capacity for MRAM and Tunnel Magnetoresistive sensor products. The company will establish a copy exact (plus) MRAM line to manufacture MRAM and TMR sensor products currently produced at its line in Chandler, AZ. "Everspin is expanding its manufacturing footprint to support the next phase of MRAM adoption, as customers look for both long-term supply stability and higher-density, more capable solutions," says Sanjeev Aggarwal, President and CEO. "Our partnership with Microchip adds the production scale to support demand while continuing to advance our MRAM roadmap." Under the agreement, Everspin will stand up its industry leading magnetic technology and manufacturing process at a Microchip fabrication facility in Oregon. Everspin will retain ownership of the intellectual property and manufacturing process while utilizing Microchip's foundry services capacity. This expanded capacity will leverage Everspin's strong balance sheet and partnerships.
