EV Chipmaker Wolfspeed Secures $750M Government Grants for NC Wafer Factory

  • 10 hours ago
Wolfspeed has reached a preliminary agreement with the U.S. Commerce Department for $750 million in government grants to support its new North Carolina silicon carbide wafer manufacturing plant. Wolfspeed has secured $750 million in new financing from investment firms such as Apollo Global Management and Fidelity. Wolfspeed manufactures energy-efficient silicon carbide chips used by companies like General Motors and Mercedes-Benz for electric vehicles, renewable energy systems, and industrial and AI applications.
Transcript
00:00It's Benzinga, and here's what's on the block.
00:02Wolfspeed has reached a preliminary agreement with the U.S. Commerce Department for $750
00:08million in government grants to support its new North Carolina silicon carbide wafer manufacturing
00:14plan.
00:15Wolfspeed has secured $750 million in new financing from investment firms such as Apollo
00:19Global Management and Fidelity.
00:22Wolfspeed manufactures energy-efficient silicon carbide chips used by companies like General
00:26Motors and Mercedes-Benz for electric vehicles, renewable energy systems, and industrial and
00:31AI applications.
00:32For all things money, visit Benzinga.com.

Recommended

11:03
I
Up next
Canoo Builds Modular EV Solutions For Commercial And Government Clients
Benzinga
0:37
Boeing to Issue Layoff Notices Amid Strikes, Cut 17,000 Jobs
Benzinga
0:37
10 Million Pounds Of Pre-cooked Meat Recalled Due To Potential Listeria Contamination
Benzinga
0:33
True Value Files for Chapter 11. Aims For Sale By Rival Do It Best By Year's End.
Benzinga
0:34
Goldman Sachs Q3 Earnings Beat Estimates, Profit Jumps 45%
Benzinga
0:35
Auto Makers Unveil New Electric Models at Paris Motor Show
Benzinga
0:36
Southwest Faces Proxy Battle as Elliott Pushes for Board Overhaul Ahead Of Holiday Travel Season
Benzinga
0:37
Biden Administration Considers Capping Sales Of Advanced AI Chips To Certain Countries Over National Security Concerns
Benzinga
0:47
Joint Venture Announces Plans for Electric Truck Battery Factory in Mississippi
Benzinga
0:39
Biden Administration to Inject $1.1 Billion into GM and Stellantis for Electric Vehicle Conversions, Supporting Over 15,000 Jobs
Benzinga
3:04
Upcoming Assembly Elections in Maharashtra and Jharkhand| Key Updates and Candidate Lists
Oneindia
3:09
India’s Jaishankar Visits Pakistan After Nearly a Decade—What to Expect from SCO Summit in Islamabad
Oneindia
1:31
Recently Spotted Asteroid Set for Near Miss With Earth
Wibbitz Top Stories
0:50
Exxon Mobil Sets Ambitious Goal to Supply Lithium for One Million Electric Vehicles by 2030
Benzinga
1:02
Surprising Stats That Highlight the Power of Social Media (Social Media Day, June 30)
Wibbitz Top Stories
0:50
U.S. Automakers Invest in American-Made EV Batteries
Benzinga
3:11
Trump's Late-Night Rant: Claiming 'flawless' Health as he Attacks Kamala Harris' Health Report
Oneindia
0:56
Ford Invests $887 Million in Quebec Plant for Electric Vehicle Battery Components
Benzinga
10:53
Vicinity Motor Corp – EV Bus Maker Sees New U.S. Plant Come Online
Benzinga
0:40
Intel to Receive Up to $8.5 Billion in Federal Funding, Boosting U.S. Semiconductor Production
Benzinga
0:42
Ford Scales Back $3.5 Billion Battery Plant in Michigan Amid EV Adoption Struggles
Benzinga
11:51
Tesla Seems To Be Having Trouble Building A Better Battery – Could This Company Solve The Problem?
Benzinga
0:41
Exxon Mobil Predicts Fossil Fuels Will Dominate Energy Mix Until 2050, Warns Halting Investment Could Lead to Energy Crisis
Benzinga
3:27
Auto Industry Shift to Electric Vehicles
CW7 Arizona
0:43
Ford Secures Lithium for EVs
Benzinga