By Mauro Orru

Infineon Technologies AG said Monday that it has signed a supply agreement for silicon carbide with New Hampshire-based firm GT Advanced Technologies Inc.

The German chip maker didn't disclose financial terms but said the contract has a initial term of five years.

"With the supply agreement we have now concluded, we ensure that we will be able to meet the rapidly growing demand of our customers with a diversified supplier base," Peter Wawer, president of Infineon's industrial power control division, said.

Silicon carbide is mostly used in photovoltaic inverters, industrial power supplies, and the charging infrastructure for electric vehicles, Infineon said.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

November 09, 2020 03:35 ET (08:35 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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