Everspin expands on-shore Toggle MRAM technology capabilities, adding support for U.S. government initiatives

Everspin Technologies, Inc. (NASDAQ: MRAM), the world’s leading developer and manufacturer of Magnetoresistive Random Access Memory (MRAM) persistent memory solutions, today announced an agreement with a U.S. 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 U.S. DoW programs where performance, reliability, longevity and U.S. domestic production are critical,” said Sanjeev Aggarwal, President and Chief Executive Officer of 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 U.S. Department of War (DoW). Everspin’s recently announced foundry services agreement with Microchip expands its U.S.-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.