Odyssey announces two letters of intent
High-voltage vertical GaN pioneer confident about traction from EV, industrial motor and renewable energy customers
Odyssey Semiconductor Technologies, a US-based company developing high-voltage power switching components based on proprietary GaN, has announced two letters of intent with customers. They were signed this quarter (Q2) for early access sampling with at least one additional signed letter of intent expected by September due to summer holidays in Europe
CEO Mark Davidson said: "Lead customers have collaborated along the way and have remained committed to product evaluations. Feedback on products delivered in Q1 2023 validated the performance metrics expected from vertical GaN for power applications. While we develop improvements to the products, we are actively engaged in multiple product definition conversations with leading EV automotive customers, as well as industrial motor and renewable energy customers. There is no doubt that these products will be successful in the market."
Davidson continued: "We must show additional customer traction in Q3 as we need to raise money by the end of the quarter. We remain confident in the product development problems getting solved, the quantity and quality of intellectual property being created and the patience and interest that remains from customers."
During Q2, the company said it also on-boarded two new customers. While only $8k has been invoiced, these initial product runs will be completed in Q3 with invoicing of approximately +$100k. Odyssey says that each customer represents large opportunities with recurring revenue from multiple fabrication runs. Converting $2 million pipeline for foundry services to new business as the company continues to pursue new opportunities.
Odyssey says its approach to vertical GaN offers greater commercial advantages over silicon than SiC or lateral GaN. Vertical GaN offers a 10x advantage over SiC at performance enabling smaller and lighter power systems at lower costs. The 65 V segment is the larger market today, expected to grow at a 20 percent compound annual growth rate. The 1200V product market segment is expected to grow faster at 63 percent CAGR and will become the larger market in the second half of this decade.
