Cree | Wolfspeed and STMicroelectronics Expand 150mm Existing Silicon Carbide Wafer Supply Agreement
17 August 2021 - 10:05PM
Cree | Wolfspeed and STMicroelectronics Expand 150mm Existing
Silicon Carbide Wafer Supply Agreement
PR n°C3026C
Cree | Wolfspeed and STMicroelectronics
Expand 150mm Existing Silicon Carbide Wafer Supply
Agreement
Durham, N.C. and Geneva, Aug. 17,
2021 — Cree, Inc. (Nasdaq: CREE), the global leader in
silicon carbide technology through its Wolfspeed® business, and
STMicroelectronics (NYSE: STM), a global semiconductor leader
serving customers across the spectrum of electronics applications,
announced today the expansion of an existing multi-year, long-term
silicon carbide wafer supply agreement. The amended agreement,
which calls for Cree to supply ST with 150mm silicon carbide bare
and epitaxial wafers over the next several years, is now worth more
than $800 million.
“This latest expansion to our long-term wafer supply agreement
with Cree will continue to contribute to the flexibility of our
global silicon carbide substrate supply. It will continue to
contribute importantly to our global silicon carbide supply,
complementing the other external capacity we have secured and the
internal capacity we are ramping. The agreement will help meet the
high volumes required by our product manufacturing operations in
the next years, with a large number of automotive and industrial
customer programs in high volumes or ramping up,” said Jean-Marc
Chery, President and CEO of STMicroelectronics.
The adoption of silicon carbide-based power solutions is rapidly
growing across the automotive market as the industry moves from
internal combustion engines to electric vehicles, enabling greater
system efficiencies that result in electric cars with longer range
and faster charging, while reducing cost, lowering weight and
conserving space. In the industrial market, silicon carbide
solutions enable smaller, lighter and more cost-effective designs,
converting energy more efficiently to unlock new clean energy
applications. To better support these growing markets, device
manufacturers are interested in securing access to high-quality
silicon carbide substrates to support their customers.
“We are very pleased that STMicroelectronics will continue to
leverage Wolfspeed silicon carbide materials as part of their
supply strategy for the next several years,” said Cree CEO Gregg
Lowe. “Our long-term wafer supply agreements with device
manufacturers now total more than $1.3 billion and help support our
efforts to drive the industry transition from silicon to silicon
carbide. Our partnerships and significant investments in increased
production capacity ensure we are well positioned to capitalize on
what we believe to be is a multi-decade growth opportunity for
silicon carbide-based applications.”
About Cree, Inc.
Cree is an innovator of Wolfspeed® power and radio frequency
(RF) semiconductors. Cree’s Wolfspeed product portfolio includes
silicon carbide materials, power-switching devices and RF devices
targeted for applications such as electric vehicles, fast charging
inverters, power supplies, telecom and military and aerospace. For
additional product and Company information, please refer to
www.cree.com.
About STMicroelectronicsAt ST, we are 46,000
creators and makers of semiconductor technologies mastering the
semiconductor supply chain with state-of-the-art manufacturing
facilities. An independent device manufacturer, we work with more
than 100,000 customers and thousands of partners to design and
build products, solutions, and ecosystems that address their
challenges and opportunities, and the need to support a more
sustainable world. Our technologies enable smarter mobility, more
efficient power and energy management, and the wide-scale
deployment of the Internet of Things and 5G technology. Further
information can be found at www.st.com.
Forward Looking Statements:
This press release contains forward-looking statements involving
risks and uncertainties, both known and unknown, that may cause
actual results to differ materially from those indicated. Actual
results may differ materially due to a number of factors, including
the risk that we may be unable to manufacture these new products
with sufficiently low cost to offer them at competitive prices or
with acceptable margins; the risk we may encounter delays or other
difficulties in ramping up production of our capacity to supply
these products; customer acceptance of our products; the rapid
development of new technology and competing products that may
impair demand or render Cree’s products obsolete; and other factors
discussed in Cree’s filings with the Securities and Exchange
Commission, including its report on Form 10-K for the year ended
June 28, 2020, and subsequent filings.
Cree® and Wolfspeed® are registered trademarks of Cree, Inc.
Cree | Wolfspeed Contacts
Media Relations:Joanne LathamVP, Corporate
Marketing919-407-5750
Investor Relations:Tyler GronbachVP, Investor
Relations919-407-4820
ST Contacts
Investor Relations:Céline BerthierGroup VP,
Investor RelationsTel: +41 22 929 58 12celine.berthier@st.com
Media Relations:Alexis
Breton
Head of Corporate External Communications Tel: + 33 6 59 16 79
08 alexis.breton@st.com
- Cree-ST SiC WSA extension_17august2021
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