Loading...
News Article

BorgWarner to invest $500M in Wolfspeed

News

Agreement ensures BorgWarner has a reliable supply of SiC devices for its inverter growth plans

SiC specialist Wolfspeed and e-mobility firm BorgWarner have announced a strategic partnership that calls for BorgWarner to invest $500 million in Wolfspeed’s financing transaction in exchange for SiC device capacity.

Under the multi-year agreement between BorgWarner and Wolfspeed, BorgWarner will be entitled to purchase up to $650 million of devices annually as BorgWarner requirements increase.

“SiC-based power electronics play an increasingly important role for our customers as our electric vehicle business continues to accelerate,” said Frédéric Lissalde, president and CEO of BorgWarner.

“We believe this agreement helps ensure that BorgWarner will have a reliable supply of high-quality SiC devices, which are significant to the company’s inverter growth plans.”

BorgWarner’s Charging Forward strategy targets $4.5 billion of electric vehicle revenue for 2025, compared to less than $350 million in 2021. Based on new business awards and acquisitions announced as of the Company’s third quarter earnings release, BorgWarner believes it is already on track to achieve approximately $4 billion of electric vehicle revenue by 2025.

“Today’s announcement demonstrates the creative solutions two collaborative and strategic partners are pursuing to better support the growing demand for SiC devices. BorgWarner has been a strong partner with Wolfspeed for many years, and we are pleased to secure the investment from them which will be used to support our capacity expansion efforts and ensure we have a steady supply of product for their customers,” said Gregg Lowe, president and CEO for Wolfspeed.

“This agreement, combined with our most recent announcement of a multi-billion-dollar materials expansion in North Carolina, confirms the industry transition from silicon to SiC is well underway.”

Last month at the company’s Investor Day, Wolfspeed outlined a multi-year, $6.5 billion capacity expansion effort which included the installation of additional tools at the company’s state-of-the-art, 200mm Mohawk Valley fab and the construction of a 445-acre SiC materials facility in North Carolina, which will expand the company’s existing materials capacity by more than 10x. The first phase of construction is slated to be complete by the end of FY2024.

QD company Quantum Science expands into new facility
Innoscience files lawsuit against Infineon
Riber revenues up 5% to €41.2m
Forvia Hella to use CoolSiC for next generation charging
Photon Design to exhibit QD simulation tool
Ortel transfers CW laser fabrication to Canada
Luminus adds red and blue multi-mode Lasers
PseudolithIC raises $6M for heterogeneous chiplet tech
Mesa sidewall design improves HV DUV LEDs
IQE revenue to exceed expectations
'Game-changing' VCSEL system targets clinical imaging
German start-up secures finance for SiC processing tech
Macom signs preliminaries for CHIPS Act funding
IQE and Quintessent partner on QD lasers for AI
EU funds perovskite tandems for fuel-free space propulsion
EU to invest €3m in GeSi quantum project
Transforming the current density of AlN Schottky barrier diodes
Turbocharging the GaN MOSFET with a HfO₂ gate
Wolfspeed launches Gen 4 SiC MOSFET technology
Report predicts high growth for UK's North East
Element Six unveils Cu-diamond composite
SemiQ launches hi-rel 1700V SiC MOSFETs
Lynred to exhibit Eyesential SWIR sensor for machine vision
Thorlabs buys VCSEL firm Praevium Research
Advancing tuneable InP lasers on a heterogeneous platform
P-GaN gate HEMTs have record threshold voltage
Guerrilla RF releases GaN power amplifier dice
Narrow-linewidth DFB lasers now at 405 and 488nm
Researchers develop tech for future fast-charging stations
Vermont GaN Tech Hub awarded nearly $24M
Onsemi completes buy-out of Qorvo SiC JFET business
Quantum Science announces Innovate UK funding
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
x
Logo
×
Register - Step 1

You may choose to subscribe to the Compound Semiconductor Magazine, the Compound Semiconductor Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in: