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Wolfspeed Hosts the First Stop on the Biden Administration’s ‘Invest in America’ Tour at its Durham HQ
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Wolfspeed (NYSE: WOLF), a leader in Silicon Carbide technology, hosted President Biden during his 'Invest in America' tour at their Durham, NC headquarters. Biden's visit focused on initiatives to boost manufacturing and infrastructure in the U.S. Wolfspeed emphasized its role in the semiconductor industry, committed to advancing the transition to electric vehicles and renewable energy. Currently, the company produces over 60% of Silicon Carbide materials globally and is undertaking a $6.5 billion capacity expansion, including new facilities aimed at increasing production. The first phase of their new North Carolina facility is expected to be completed by 2024.
Positive
Engaged in a $6.5 billion capacity expansion effort to increase Silicon Carbide production.
Wolfspeed produces over 60% of the world's Silicon Carbide materials, positioning it as a market leader.
Participation in the CHIPS & Science Act is expected to drive growth in the semiconductor industry.
Negative
Risks associated with expansion plans, including potential delays and cost overruns.
Dependence on government incentives may impact financial performance.
President Biden delivered remarks about initiatives aimed to grow the American economy, such as investing in semiconductor manufacturers like Wolfspeed
DURHAM, N.C.--(BUSINESS WIRE)--
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.
(Photo: Business Wire)
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.
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.
