A&T Partnership Expansion Part of Wolfspeed’s New Chip Manufacturing Facility Plans

EAST GREENSBORO, N.C. (Sept. 9, 2022) – Wolfspeed, Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology, will build a new, state-of-the-art, multi-billion dollar materials manufacturing facility in Chatham County, North Carolina, and expand its partnership with North Carolina Agricultural and Technical State University.

“North Carolina A&T is proud to partner with Wolfspeed to provide new opportunities to pursue the next generation of careers in the green economy, drive innovation and explore new possibilities,” said Chancellor Harold L. Martin Sr. “Throughout our rich history as a doctoral, land-grant university and the largest historically Black university in the country, we have believed in the power of our students to change the world. Our expanded partnership with Wolfspeed will allow us to change the world together, and I am incredibly excited for what is to come.”

Wolfspeed’s investment will yield a 30-fold increase in Wolfspeed’s current Silicon Carbide production capacity, supporting the company’s long-term growth strategy, fueling the industry-wide transition from silicon to Silicon Carbide semiconductors, and unlocking a new era of energy efficiency.

“We are particularly excited and proud to not only expand Wolfspeed’s footprint in our home state of North Carolina, but also our relationship with North Carolina Agricultural and Technical State University to develop a workforce of the future,” said Gregg Lowe, president and CEO of Wolfspeed. “The Chatham County facility will enable the increasing adoption of Silicon Carbide and will drive the dramatic growth of the technology as the power semiconductor market transitions from silicon to the much more efficient Silicon Carbide technology.”

The company’s talent development strategy is complemented by its continued partnership with A&T. In 2020, Wolfspeed committed $4 million over five years to the HBCU – at the time, the single largest donation in the university’s history – to create the Wolfspeed Endowed Scholars Program. Now, the two entities aim to establish comprehensive education and training curricula and cutting-edge research and innovation programs. This partnership will open opportunities for undergraduate and graduate credentials in Silicon Carbide semiconductor manufacturing, as well as training and career advancement programs for existing semiconductor manufacturing workers.

The new facility will supply 200mm Silicon Carbide wafers to Wolfspeed’s Mohawk Valley Fab, which opened earlier this year as the world’s first, largest and only 200mm Silicon Carbide fabrication facility. Phase one construction is anticipated to be completed in 2024 and, combined with the company’s ongoing materials expansion at its Durham headquarters, will increase material production for Wolfspeed more than 600% over today’s output.

The second phase of construction is expected to be completed in 2030. When fully built, Wolfspeed’s highly-automated Chatham County Materials Facility will be more than a million square feet on the 445-acre site.

State and local funding, including a Job Development Investment Grant from the North Carolina Department of Commerce, will support the development of the facility’s first phase and represents an approximate $1.0 billion incentive package from the State, County and local governments. In addition, the company hopes to apply for and obtain federal funding from the CHIPS Act to accelerate the construction and build-out of the facility. Over the next eight years, the company will continue to invest, creating roughly 1,800 jobs.

“Wolfspeed’s decision further validates North Carolina as the epicenter of clean energy,” said Gov. Roy Cooper. “This major announcement is another milestone on our journey to a clean energy economy and will give a major boost to our burgeoning electric vehicle manufacturing and offshore wind industries, as well as the economic well-being of our workforce.”

The demand for Silicon Carbide continues to grow, with industry analysists estimating the materials to reach over 20% of the power semiconductor market by 2027, up from only 5% today. Wolfspeed produces more than 60% of the world’s Silicon Carbide.