Micron Technology Inc. has received $5 million federal economic stimulus grant announced today which will help it to pursue manufacturing of LED devices, according to a local media of Idaho, USA. And company officials believe the venture could bring significant revenue and employment growth over the next few years.

The grant will allow the company to produce a pilot line of products in an attempt to transform the LED-manufacturing industry with its cutting-edge semiconductor manufacturing expertise, company and state officials said. Micron, which has been exploring the project over the past nine months, already employs 30 people full-time and others part-time on the venture.

Idaho Gov. C.L. “Butch” Otter and Idaho Office of Energy Resources Administrator Paul Kjellander announced the news at the Idaho Innovation Summit at Boise State University. They signed a contract with Micron Vice President of Process R&D Scott DeBoer. DeBoer said the “timing is quite good” for the company to enter the LED sector, which is expected to grow from $4 billion annually last year to $12 billion in 2012.