Articles from Wolfspeed

Wolfspeed, an industry leader in silicon carbide, has introduced its fifth technology generation, demonstrating a substantial performance leap in efficiency for next-generation 1200 V and 750 V automotive and industrial applications.

Today, the U.S. Department of Commerce and Wolfspeed (NYSE: WOLF) announced they have signed a non-binding preliminary memorandum of terms (PMT) for up to $750 million in proposed direct funding under the CHIPS and Science Act. In addition, a consortium of investment funds led by Apollo, The Baupost Group, Fidelity Management & Research Company and Capital Group have agreed to provide Wolfspeed an additional $750 million of new financing. Together these investments support Wolfspeed’s long-term growth plans and bolster domestic production of silicon carbide to power clean energy systems underpinning electric vehicles (EVs), artificial intelligence (AI) data centers, battery storage and more. In addition, Wolfspeed expects to receive $1 billion of cash tax refunds from the advanced manufacturing tax credit under the CHIPS and Science Act (section 48D), giving the company, in total, access to up to $2.5 billion of expected capital to support the expansion of silicon carbide manufacturing in the United States.

Wolfspeed, Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology, will conduct a conference call and audio webcast to discuss its third quarter fiscal 2022 results and business outlook on May 4, 2022, at 5:00 p.m. Eastern Time.