Vertical GaN firm Odyssey to be sold
Odyssey Semiconductor to sell assets to unnamed buyer for $9.52 million
Odyssey Semiconductor, a US-based GaN specialist, is selling its 10,000 square foot wafer fab in New York-state to an unnamed large semiconductor company for $9.52 million.
The buyer and seller have agreed that the buyer's name will be withheld as confidential during the 20-calendar-day 'go shop' period. This permits the Odyssey board and its advisors, Craig-Hallum Capital Group, to initiate and solicit alternative acquisition proposals from third parties
“We are pleased that we have found a strong buyer. We also appreciate that we have been afforded an opportunity to shop this purchase opportunity for 20 calendar days in an effort to ensure as many interested parties as possible can accurately gauge the potential value of our tecahnology and assets at this point in time,” said Rick Brown, CEO of Odyssey in a statement.
Odyssey specialises in vertical conduction GaN FET transistors (pictured above) that operate at 650V and 1200V. The devices grown on GaN substrates have~1000-10,000 fewer defects per unit area allowing for reliable operation at voltages up to 10,000 V and beyond. The much smaller die size of the GaN devices makes them competitive to produce relative to SiC devices with similar ratings even though the GaN substrates are more expensive.
In 2023 the company made a net loss of $4.47 million on sales revenue of $291,900. This compared with a net loss of $5.69 million on sales revenue of $321,049 in 2022.
