Wolfspeed Tops Out World’s Largest, Most Advanced Silicon Carbide Facility Alongside Senator Thom Tillis, Key Officials
March 26 2024 - 5:41PM
Business Wire
The John Palmour Manufacturing Center for
Silicon Carbide (“the JP”) is a $5 billion investment that will
bring jobs, economic growth to North Carolina
Today, Wolfspeed, Inc. (NYSE: WOLF), the global leader in
silicon carbide technology, hosted Senator Thom Tillis (R-NC) and
other local officials, community partners, and employees at a
ceremony to celebrate the topping out of construction at the $5
billion John Palmour Manufacturing Center for Silicon Carbide.
Located in Chatham County, North Carolina, the JP will produce
200mm silicon carbide wafers, significantly expanding Wolfspeed’s
materials capacity, and meet the demand for next generation
semiconductors critical to the energy transition and AI.
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Senator Thom Tillis (R-NC) joined
Wolfspeed President and CEO Gregg Lowe in signing ceremonial “last
beam” at the Topping Out ceremony for The John Palmour
Manufacturing Center for Silicon Carbide (Photo: Business Wire)
“We are excited to mark this critical milestone alongside our
hard-working team, loyal customers, community partners, and ardent
supporters like Senator Thom Tillis,” said Wolfspeed President and
CEO, Gregg Lowe. “This facility is a testament to Wolfspeed’s
commitment to our local community and domestic workforce,
furthering our position as the global leader in silicon carbide
production. The JP will help maintain America’s lead in energy
innovation, and unlock significant benefits for our local community
by growing the state’s economy by more than $17.5 billion over the
next two decades and creating 1,800 good-paying jobs by 2030.”
“Wolfspeed’s $5 billion investment in Chatham County is another
example of why North Carolina is the best state in the country to
do business,” said Senator Tillis. “I was proud to vote in favor of
the CHIPS and Science Act, which provides critical support for
domestic semiconductor manufacturing, and I applaud Wolfspeed’s
commitment to developing technology here in North Carolina that
supports our national security and economic interests.”
The JP represents a total investment of $5 billion, complemented
by public and private support, to help accelerate the transition
from silicon to silicon carbide and ramp up supply of this material
recently deemed as critical to the energy transition by the U.S.
Department of Energy. By the end of 2024, phase one of construction
is expected to be completed on the 445-acre site.
The ramp of the JP will support recently signed customer
agreements with Renesas, Infineon, and additional companies, while
driving meaningful progress towards Wolfspeed’s long-term growth
strategy. The JP will primarily produce 200mm silicon carbide
wafers, which are 1.7x larger than 150mm wafers, translating to
more efficient wafers and ultimately, lower costs. The JP underpins
Wolfspeed's vision of accelerating the adoption of silicon carbide
semiconductors across a wide array of end-markets and unlocking a
new era of energy efficiency.
Wolfspeed currently produces more than 60% of the world’s
silicon carbide materials at its Durham, N.C. headquarters, and is
engaged in a $6.5 billion capacity expansion effort to dramatically
increase production.
About Wolfspeed
Wolfspeed (NYSE: WOLF) leads the market in the worldwide
adoption of silicon carbide technologies. We provide
industry-leading solutions for efficient energy consumption and a
sustainable future. Wolfspeed’s product families include silicon
carbide material and power devices targeted for various
applications such as electric vehicles, fast charging, and
renewable energy and storage. We unleash the power of possibilities
through hard work, collaboration and a passion for innovation.
Learn more at www.wolfspeed.com.
X (formerly Twitter): @Wolfspeed
LinkedIn: @Wolfspeed
Wolfspeed® is a registered trademark of Wolfspeed, Inc.
Forward Looking Statements:
This press release contains forward-looking statements by
Wolfspeed involving risks and uncertainties, both known and
unknown, that may cause Wolfspeed’s actual results to differ
materially from those indicated. Actual results may differ
materially due to a number of factors, including risks associated
with Wolfspeed’s expansion plans, including, among other things,
design and construction delays and cost overruns, timing and amount
of government incentives actually received, and delays or other
difficulties in preparing for and ramping production; the risk of
production or supply chain challenges that impact Wolfspeed’s
ability to ship in sufficient quantities to satisfy customer
requirements; the continued pace of the transition to using silicon
carbide devices in electric vehicles and other industrial uses; the
risk that Wolfspeed may be unable to manufacture its products with
sufficiently low cost to offer them at competitive prices or with
acceptable margins; customer acceptance of Wolfspeed’s products;
the risk that demand for silicon carbide will not grow as Wolfspeed
expects; the rapid development of new technology and competing
products that may impair demand or render Wolfspeed’s products
obsolete; and other factors discussed in Wolfspeed’s filings with
the Securities and Exchange Commission, including its report on
Form 10-K for the year ended June 25, 2023, and subsequent filings.
For additional product and company information, please refer to
www.wolfspeed.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240326668100/en/
Media Relations: Bridget Johnson Head of Corporate
Marketing and Communications 847-269-2970 media@wolfspeed.com
Investor Relations: Tyler Gronbach VP, Investor Relations
919-407-4820 investorrelations@wolfspeed.com
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