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Wolfspeed

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Overview

Wolfspeed, Inc., formerly known as Cree, Inc., is a leading developer and manufacturer of wide-bandgap semiconductors, specializing in silicon carbide (SiC) and gallium nitride (GaN) technologies. Founded in 1987 in Durham, North Carolina, Wolfspeed has evolved from its origins as Cree Research to become a global leader in SiC and GaN materials and devices. The company's product portfolio includes:

  • SiC bare and epitaxial wafers
  • GaN epitaxial layers on SiC wafers
  • Power devices (SiC Schottky diodes, MOSFETs, and power modules)
  • RF devices (GaN-based die, high-electron mobility transistors, and monolithic microwave integrated circuits) These products find applications in electric vehicles, charging infrastructure, server power supplies, solar inverters, industrial power supplies, telecommunications infrastructure, and military systems. Wolfspeed's global presence extends across the United States, China, Europe, Hong Kong, and the Asia-Pacific region. The company operates significant manufacturing facilities, including a major SiC fabrication plant in Marcy, New York. Recent developments include:
  • A $1 billion investment in the Marcy, New York semiconductor plant (2019)
  • Divestiture of the Lighting Products division to Ideal Industries (2019)
  • Sale of the LED Business to SMART Global Holdings (2021)
  • Receipt of up to $750 million in direct funding from the Biden Administration to support SiC factories in North Carolina and New York (2024) Wolfspeed's mission focuses on leading the industry transition from silicon to silicon carbide, emphasizing efficient energy solutions and contributing to a sustainable future across various sectors, including automotive, renewable energy, and aerospace. As of the latest data, Wolfspeed employs approximately 5,013 people and continues to drive innovation in wide-bandgap semiconductor technologies.

Leadership Team

Wolfspeed's leadership structure has undergone recent changes, reflecting the company's dynamic growth and strategic focus. Key aspects of the current leadership team include: Executive Leadership:

  • Thomas Werner: Appointed as Executive Chairman, overseeing the execution of Wolfspeed's strategy. Werner has been a board member since 2006 and previously served as Chairman of the Board.
  • Stacy Smith: Appointed as Lead Independent Director following Werner's transition to Executive Chairman.
  • Neill Reynolds: Chief Financial Officer (CFO) with expanded responsibilities including procurement, planning, and backend operations. Senior Leadership Team:
  • Tom Agron: Senior Vice President, Global Expansion Operations
  • Lisa Fritz: Recently promoted as part of the senior leadership team expansion
  • Other key roles include:
    • Chief Technology Officer
    • Senior VP of IT & Chief Information Officer
    • Senior VP & General Counsel
    • Senior VP & GM of Power Recent Changes:
  • Gregg Lowe departed from his roles as President, CEO, and Board member in November 2024, by mutual agreement with the Board of Directors.
  • The Board is actively conducting a search for a permanent CEO with the support of a leading global executive search firm. This leadership structure reflects Wolfspeed's commitment to driving innovation and growth in the wide-bandgap semiconductor industry, with a focus on silicon carbide and gallium nitride technologies. The company continues to adapt its leadership team to meet the evolving demands of the market and to maintain its position as a industry leader.

History

Wolfspeed's journey from a university research project to a global leader in wide-bandgap semiconductors spans over three decades: 1987: Founded as Cree Research by six individuals from North Carolina State University, including Neal Hunter and John Palmour. 1989: Introduced the first blue LED, revolutionizing display technology. 1991: Released the first commercial silicon carbide wafer. 1993: Went public through an initial public offering (IPO). 1999: Changed name to Cree, Inc. 2011: Acquired Ruud Lighting for $525 million, expanding LED lighting capabilities. 2016: Attempted sale of Wolfspeed unit to Infineon Technologies (terminated due to national security concerns). 2018: Acquired Infineon's RF Power Business for €345 million. 2019: Sold Lighting Products division to Ideal Industries; Announced $1 billion investment in Marcy, NY semiconductor plant. 2021: Sold LED Business to SMART Global Holdings; Officially changed name to Wolfspeed, Inc., focusing on SiC and GaN technologies. 2022: Opened Marcy, NY semiconductor plant. 2023: Announced plans for European factory in Germany (later put on hold). 2024: Received up to $750 million in U.S. government funding for SiC factories in North Carolina and New York; Announced $5 billion investment in Chatham County, NC for world's largest SiC materials production facility. Throughout its history, Wolfspeed has consistently driven innovation in silicon carbide and gallium nitride technologies, positioning itself at the forefront of the transition from traditional silicon to wide-bandgap semiconductors. The company's focus on applications such as electric vehicles, fast charging, 5G, renewable energy, and aerospace and defense continues to shape its strategic direction and market leadership.

Products & Solutions

Wolfspeed, a leader in silicon carbide (SiC) technologies, offers a comprehensive range of products and solutions for various industrial and consumer applications:

Silicon Carbide Power Modules

  • High-performance, efficient modules in half-bridge, full-bridge, and six-pack configurations.
  • 2300V baseplate-less SiC power modules optimized for 1500V DC Bus applications, offering 77% reduced switching losses compared to IGBTs.

Discrete Power Devices

  • SiC MOSFETs and diodes with higher switching frequencies, lower losses, and higher blocking voltages.
  • Products include 750V Discrete SiC MOSFETs and 1700V SiC Schottky diodes.

Bare Die and Custom Solutions

  • Bare die MOSFETs and diodes for custom scalable solutions, particularly for automotive and industrial applications.

Gate Driver and Evaluation Tools

  • Gate driver evaluation tools and comprehensive kits to streamline product evaluation.

Industry-Specific Applications

  • Electric Vehicles: High-efficiency power conversion systems
  • Fast Charging: High-power density solutions
  • Renewable Energy and Storage: Efficient systems for solar and energy storage
  • Industrial Motor Control: High-performance motor drive solutions
  • Automotive: PPAP-capable, humidity-resistant MOSFETs

Materials and Technology

  • Fully integrated supplier of SiC and Gallium Nitride (GaN) materials
  • High-quality epitaxy and large diameter wafers in mass production volumes

Innovation and Partnerships

  • Continuous innovation in cutting-edge solutions
  • Partnerships with industry leaders for technology integration Wolfspeed's commitment to SiC technology aims to power a cleaner, safer, and more sustainable world through efficient energy solutions across diverse applications.

Core Technology

Wolfspeed's core technology centers on the development and application of Silicon Carbide (SiC) semiconductors, which are set to replace traditional silicon in various high-power electronic devices.

Key Features of Silicon Carbide Technology

  1. Efficiency and Thermal Performance:
    • Higher efficiency and better thermal performance than silicon
    • Thermal conductivity 2.5 times that of silicon
    • Ideal for high-power applications in high-temperature environments
  2. High Voltage and Current Capabilities:
    • High voltage blocking and current conducting capabilities
    • Fast-switching performance
    • Crucial for aerospace, commercial, industrial, transportation, and renewable energy applications
  3. Power Density:
    • Enables up to 40% increase in power or 40% reduction in product size
    • Superior figure of merit and thermal conductivity

Applications

  1. Data Centers:
    • Reduces energy consumption and carbon emissions
    • Improves operational performance
    • Significant impact as data centers are projected to account for a large portion of global energy consumption by 2050
  2. Industrial and Automotive:
    • Electric vehicles and fast charging systems
    • Renewable energy and storage applications
    • Aerospace and defense sectors

Products

  • High-performance SiC MOSFETs and Schottky diodes
  • Designed to be the lightest, smallest, and most powerful available
  • Essential for efficient power conversion and management Wolfspeed's focus on SiC technology aims to drive a significant shift from silicon to silicon carbide, enabling more efficient, sustainable, and high-performance solutions across multiple industries.

Industry Peers

Wolfspeed, a specialist in wide bandgap semiconductor products, particularly silicon carbide (SiC) and gallium nitride (GaN) technologies, operates in a competitive landscape with several industry peers. Here's an overview of the key players:

Direct Competitors

  1. Cree: Former parent company, now a competitor in the semiconductor sector
  2. United Silicon Carbide: Specializes in silicon carbide power devices
  3. Odyssey Semiconductor Technologies: Focuses on power-switching semiconductor materials
  4. Navitas Semiconductor Corporation: Player in the GaN and SiC semiconductor space

Industry Peers

  1. Kulicke and Soffa Industries (KLIC): Significant player in the semiconductor equipment industry
  2. Nlight Inc.: Known for high-power laser diodes and semiconductor products
  3. Skywater Technology Inc.: Involved in semiconductor product development and manufacturing
  4. Akoustis Technologies Inc.: Specializes in high-frequency RF filters using BAW technology
  5. indie Semiconductor, Inc.: Focuses on automotive, industrial, and medical semiconductor solutions
  6. CEVA, Inc.: Licensor of signal processing IP within the semiconductor sector

Other Companies in the Semiconductor Sector

  1. Viavi Solutions (VIAV): Provides network and service enablement solutions
  2. Silicon Motion Technology (SIMO): Known for NAND flash controllers
  3. Applied Optoelectronics (AAOI): Specializes in optical communication products
  4. JinkoSolar Holding Co., Ltd. (JKS): Solar panel manufacturer involved in semiconductor technologies This diverse landscape of competitors and peers reflects the dynamic nature of the semiconductor industry, with companies specializing in various aspects of semiconductor technology and its applications. Wolfspeed's focus on SiC and GaN technologies positions it uniquely within this competitive environment.

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