Wolfspeed Secures $1.5 Billion Funding to Expand Silicon Carbide Manufacturing

Oct 15, 2024, 09:09 AM

Wolfspeed Inc. has announced a significant funding boost, securing $750 million from the U.S. CHIPS Act and an additional $750 million from an investment group led by Apollo Global. This $1.5 billion investment aims to support the expansion of Wolfspeed's silicon carbide manufacturing capabilities in the United States. Wolfspeed, a prominent manufacturer of chips used primarily in electric vehicles, is poised to enhance its global leadership in delivering next-generation silicon carbide technology. The funding underscores the ongoing efforts to reduce reliance on Chinese technology and strengthen the U.S. semiconductor industry.