Wolfspeed Hosts the First Stop on the Biden Administration’s ‘Invest in America’ Tour at its Durham HQ
March 28 2023 - 6:00PM
Business Wire
- President Biden delivered remarks about
initiatives aimed to grow the American economy, such as investing
in semiconductor manufacturers like Wolfspeed
Today, Wolfspeed, Inc. (NYSE: WOLF), the global leader in
Silicon Carbide technology, hosted the first stop of President Joe
Biden’s ‘Invest in America’ tour at the company’s Durham, N.C.
headquarters. The President highlighted initiatives designed to
boost American manufacturing, rebuild the nation’s infrastructure
and strengthen supply chains. U.S. Secretary of Commerce Gina
Raimondo and North Carolina Governor Roy Cooper were also in
attendance at the event.
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As an American company at the forefront of the transition from
silicon to Silicon Carbide to enhance technology efficiency and
energy savings, Wolfspeed is committed to shaping the future of the
semiconductor markets. Initiatives like the CHIPS & Science Act
that are investing in and advancing the semiconductor industry will
help propel the transition to electric vehicles, the move to faster
5G networks, the evolution of renewable energy and energy storage,
and the advancement of industrial applications.
“We’re honored to have been the first stop on the President’s
‘Invest in America’ tour and to be recognized for our commitment to
growing U.S. manufacturing and making a name for North Carolina in
the tech space,” said Wolfspeed President and CEO, Gregg Lowe.
“Silicon Carbide is at the heart of what we do -- it’s essential to
accelerating the adoption of EVs, delivering energy savings to
consumers, and meeting global emission reduction targets. Wolfspeed
is proud to play a critical role in fulfilling the objectives of
the CHIPS & Science Act and the Inflation Reduction Act, and to
reinforce U.S. leadership in the energy transition and the
semiconductor industry.”
Wolfspeed currently produces more than 60% of the world’s
Silicon Carbide materials at its Durham, N.C. headquarters, but is
engaged in a $6.5 billion capacity expansion effort to dramatically
increase production. This includes the opening of the company’s
200mm Mohawk Valley device fab in April 2022, and the construction
of The John Palmour Manufacturing Center for Silicon Carbide, a
445-acre Silicon Carbide materials facility in North Carolina,
which will expand the company’s existing materials capacity by more
than 10x. Phase one construction for the materials facility is
anticipated to be completed in 2024. Last month, Wolfspeed also
announced plans to build a highly-automated, cutting-edge 200mm
wafer fabrication facility in Saarland, Germany.
About Wolfspeed, Inc.:
Wolfspeed (NYSE: WOLF) leads the market in the worldwide
adoption of Silicon Carbide and GaN technologies. We provide
industry-leading solutions for efficient energy consumption and a
sustainable future. Wolfspeed’s product families include Silicon
Carbide materials, power devices and RF devices targeted for
various applications such as electric vehicles, fast charging, 5G,
renewable energy and storage, and aerospace and defense. We unleash
the power of possibilities through hard work, collaboration and a
passion for innovation. Learn more at www.wolfspeed.com.
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 design and construction
delays and cost overruns, timing and amount of government
incentives actually received, issues in installing and qualifying
new equipment and ramping production, poor production process
yields and quality control; the continued pace of the transition to
using Silicon Carbide devices in electric vehicles and other
industrial uses; Wolfspeed’s ability to develop and design Silicon
Carbide devices that will continue to improve performance in broad
markets; the rapid development of new technology and competing
products that may impair demand or render Wolfspeed’s Silicon
Carbide 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 26, 2022,
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/20230328005917/en/
Media Relations: Melinda Walker Director, Corporate
Communications 818-261-4585 media@wolfspeed.com
Investor Relations: Tyler Gronbach VP, External Affairs
919-407-4820 investorrelations@wolfspeed.com
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