Wolfspeed Inc.
Wolfspeed Secures $750M in CHIPS Act Funding and Additional $750M Investment
Summary
Wolfspeed, Inc. announced on October 15, 2024, that it has entered into a preliminary memorandum of terms with the U.S. Department of Commerce for up to $750 million in proposed direct funding under the CHIPS and Science Act to support its North Carolina and New York expansions. Additionally, Wolfspeed secured an additional $750 million in financing from an investment group led by Apollo. These funds, along with an expected $1 billion in Section 48D cash tax refunds, will bolster Wolfspeed's balance sheet and support its expansion plans for silicon carbide manufacturing. The proceeds will be used for the acquisition, development, construction, and improvement of assets at Wolfspeed's manufacturing centers in Siler City, North Carolina, and Utica, New York.
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About Wolfspeed Inc.
Wolfspeed Inc. is a leading innovator in the production of silicon carbide materials and devices, vital components in the power and radio frequency (RF) markets. With its roots in advanced semiconductor technology, Wolfspeed specializes in manufacturing products that enhance energy efficiency and performance. The company's offerings include power devices that are crucial for electric vehicles, fast charging systems, renewable energy, and other industrial applications. Moreover, Wolfspeed's RF devices are instrumental in telecommunications infrastructure, including 5G and other wireless communication networks. Based in North Carolina, Wolfspeed stands at the forefront of technological advancement, driving significant developments in the semiconductor sector through its commitment to superior power solutions and environmental sustainability. Its materials play a critical role in enabling faster, smaller, lighter, and more efficient power systems, marking essential transitions in both consumer and industry-wide applications. Wolfspeed's operations are pivotal in supporting the evolution of high-demand sectors such as automotive, industrial power, and telecommunications, underlining its importance in today's market landscape.
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