Wolfspeed's U.S. Expansion: Silicon Carbide Tech Surge

U.S. chipmaker Wolfspeed is securing $750 million government funding for a North Carolina silicon carbide wafer plant. With additional $750 million in new financing, Wolfspeed plans to expand its production capacity by 30%. These investments are part of its $6 billion expansion, emphasizing its role in renewable energy and AI.

U.S. chipmaker Wolfspeed will receive $750 million in government grants for a new North Carolina facility, according to the U.S. Commerce Department. This funding will aid the manufacturing of energy-efficient silicon carbide wafers.

Wolfspeed has secured an additional $750 million in financing through a consortium led by Apollo Global Management and others, to help bolster its expansion plans. This includes a significant 30% increase in production capacity at its existing New York facility, as part of a $6 billion expansion effort.

These funds underlie Wolfspeed's commitment to renewable energy and artificial intelligence applications. Despite recent stock struggles due to declining EV demand, the company continues to position itself at the forefront of innovative technology sectors.

(With inputs from agencies.)