A plurality of mesas are formed in the substrate. Each pair of mesas forms a trench. A plurality of diffusion areas are formed in the substrate. A mesa diffusion area is formed in each mesa top and a trench diffusion area is formed under each trench. A vertical, non-volatile memory cell is formed on each sidewall of the trench. Each memory cell includes a fixed threshold element located vertically between a pair of non-volatile gate insulator stacks. In one embodiment, each gate insulator stack includes a tunnel insulator formed over the sidewall, a deep trapping layer, and a charge blocking layer. In another embodiment, an injector silicon rich nitride layer is formed between the deep trapping layer and the charge blocking layer.