Following a massive four-year transformation, involving the divestiture of two-thirds of the business and repositioning of the company’s overall core strategy, Cree Inc has now officially become Wolfspeed Inc (NYSE: WOLF).
Wolfspeed has served as the brand for the company’s Silicon carbide materials and semiconductor devices business unit for the past six years. Built on a 30-year heritage of domain expertise, the name Wolfspeed conveys both the noble traits of the wolf – leadership, intelligence and endurance – and speed, characterized by the pace at which the company innovates and operates, both unmatched in the industry.
“Today officially marks a transformative milestone for Wolfspeed as we are now a pure-play global semiconductor powerhouse,” said Gregg Lowe, CEO at Wolfspeed. “The next generation in power semiconductors will be driven by Silicon carbide technology, with superior performance that unleashes new possibilities and positive changes to the way we live. As the original champion of this technology, we couldn’t be more excited for what lies ahead.”
Lowe joined the company in September 2017 with a vision and commitment to a more collaborative culture built on ingenuity and a mission to pursue a more efficient future. Now, with multi-year, long-term materials agreements totaling more than $1.3 billion across several industries, a device pipeline that totals more than $15 billion, and an increased production capacity 30x larger than previous facility plans, Wolfspeed is driving multiple industries through a monumental shift from Silicon to Silicon carbide.
Wolfspeed’s technology is key to the electrification of the drivetrain to support the shift to electric vehicles, wireless infrastructure to unlock the potential of smart cities, and power storage to enable broader adoption of renewable energy. Recent action from both private and public entities mandating more energy-efficient solutions accelerates an already strong demand for a better, more sustainable future with environmentally friendly technologies.
“Strategic additions in organizational leadership, the execution of an expansion plan that allows for significant increases in production, and a sharpened focus on our mission demonstrate we are bringing to life the vision previously laid out as we build on a 30-year history that gives us a marked and competitive advantage in the Silicon carbide industry,” said Lowe.
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