Everspin Technologies, Inc. (NASDAQ: MRAM) announced an agreement with a U.S. prime contractor to provide 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 the agreement, Everspin will serve as a subcontractor on an existing prime contract providing engineering and foundry services for the U.S. Department of War (DoW).

The company said its foundry services agreement with Microchip expands its U.S.-based manufacturing capability and is expected to support future production for these programs.

The agreement has a total value of $40 million over two and a half years.

This report was written with the assistance of artificial intelligence.