Everspin Technologies Inc. (NASDAQ: MRAM) announced a $40 million agreement to provide Toggle MRAM process technology capabilities and engineering services for U.S. Defense Industrial Base customers over two and a half years.

The Chandler, Arizona-based company will serve as a subcontractor on an existing prime contract to provide engineering and foundry services for the U.S. Department of War. Everspin specializes in manufacturing Magnetoresistive Random Access Memory, a type of persistent memory solution.

"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.

The company stated that its MRAM solutions are used in military and aerospace applications for consistent performance over time. Everspin's recently announced foundry services agreement with Microchip is expected to expand its U.S.-based manufacturing capability to support future production of these programs.

Everspin describes itself as a developer and manufacturer of MRAM persistent memory solutions for industrial, data center, automotive, aerospace and mission-critical applications where data persistence is required.