UPDATED - II-VI Incorporated Licenses Technology for Silicon Carbide Devices and Modules for Power Electronics

Rhea-AI Summary

II-VI Incorporated (Nasdaq: IIVI) has signed a licensing agreement with General Electric to manufacture silicon carbide (SiC) devices and modules for power electronics. This partnership aims to meet the growing demand for SiC-based power electronics driven by sectors like electric vehicles and renewable energy. CEO Dr. Vincent D. Mattera, Jr. highlighted plans to increase SiC material capacity by 5-10x and scale production of 200 mm technology to cater to anticipated market needs in the next five years. This agreement positions II-VI to leverage the expanding market for SiC technology.

Positive

• Partnership with GE to manufacture SiC devices enhances II-VI's market position.
• Anticipated growth in demand for SiC-based power electronics from electric vehicles and renewable energy sectors.
• Plans to scale SiC material capacity by 5-10x and increase production capabilities over the next five years.

Negative

• None.

PITTSBURGH, June 29, 2020 (GLOBE NEWSWIRE) -- II‐VI Incorporated (Nasdaq: IIVI), a leader in compound semiconductors, today announced that it signed an agreement with General Electric (NYSE: GE) to license GE's technology to manufacture silicon carbide (SiC) devices and modules for power electronics.  

The rapid growth in electric vehicles, renewable energy, microgrids, and power supplies for data storage and communications is driving the strong demand for SiC-based power electronics. SiC achieves superior efficiency, higher energy density, and lower system-level cost per watt compared with state-of-the-art silicon-based devices. Power electronics based on SiC have demonstrated their potential to have a highly beneficial impact on the environment via significant reductions in carbon dioxide emissions and energy consumption.

“We believe that SiC-based power electronics materials and components will become increasingly deployed in electrification systems including, for example, in electric vehicles, industrial infrastructure, and large datacenters, and so we continue to invest to position II-VI in strategic points of the evolving supply chains to enable key customers,” said Dr. Vincent D. Mattera, Jr., Chief Executive Officer, II-VI Incorporated. “As such, we intend to remain focused on executing our recently announced plan to scale our capacity of 150 mm SiC materials by 5-10x while scaling volume production of a differentiated 200 mm materials technology to meet the anticipated growing demand over the next five years.”

“We’re excited to enter into this agreement with II-VI, which positions II-VI well to capitalize on the growing market demand for SiC-based electronics,” said Joe Krisciunas, President of GE Aviation Electrical Power Systems. “At the same time, it will broaden GE’s commercial reach beyond the industry sectors we already serve with SiC technology.”

GE and its industrial businesses, led by Aviation, continue to aggressively develop next-generation silicon carbide for new applications. The business offers electrical power products with power levels from kilowatts to megawatts for harsh environments in aerospace, industrial, and military applications. 

About II-VI Incorporated

II-VI Incorporated, a global leader in engineered materials and optoelectronic components, is a vertically integrated manufacturing company that develops innovative products for diversified applications in communications, materials processing, aerospace & defense, semiconductor capital equipment, life sciences, consumer electronics, and automotive markets. Headquartered in Saxonburg, Pennsylvania, the Company has research and development, manufacturing, sales, service, and distribution facilities worldwide. The Company produces a wide variety of application-specific photonic and electronic materials and components, and deploys them in various forms, including integrated with advanced software to support our customers. For more information, please visit us at www.ii-vi.com.

CONTACT:	Mark Lourie
	Vice President, Corporate Communications
	corporate.communications@ii-vi.com
	www.ii-vi.com/contact-us

 

FAQ

What is II-VI's recent agreement with General Electric about?

II-VI has signed a licensing agreement with General Electric to manufacture silicon carbide (SiC) devices and modules for power electronics.

How does silicon carbide technology benefit power electronics?

Silicon carbide technology offers superior efficiency, higher energy density, and lower system-level costs per watt compared to traditional silicon devices.

What markets are driving the demand for SiC-based power electronics?

The demand is driven by electric vehicles, renewable energy, microgrids, and power supplies for data storage and communications.

What are II-VI's plans for scaling SiC production?

II-VI plans to scale its capacity of 150 mm SiC materials by 5-10x and increase the volume production of 200 mm materials over the next five years.

What impact does the agreement with GE have on II-VI's future?

The agreement positions II-VI to capitalize on the growing market demand for SiC-based power electronics and enhances their competitive edge.