Expanded supply agreement is now worth approximately $275M and demonstrates continued demand for silicon carbide across several critical industries

Wolfspeed, Inc. (NYSE: WOLF), the global leader in silicon carbide technology, today announced the expansion of an existing long-term silicon carbide wafer supply agreement with a leading global semiconductor company. The expanded agreement, which is now worth approximately $275 million in total, calls for Wolfspeed to supply the company with 150mm silicon carbide bare and epitaxial wafers, reinforcing both companies’ visions for an industry-wide transition from silicon to silicon carbide semiconductor power devices.

“As the global leader in silicon carbide wafer production, Wolfspeed is uniquely positioned to be a critical supplier of high-quality and advanced silicon carbide materials at scale. We will continue to be an important partner to power device manufacturers who need the highest-quality silicon carbide wafers to service their customers,” said Dr. Cengiz Balkas, SVP and GM of Materials for Wolfspeed. “This agreement further strengthens our long-time partnership with a best-in-class power semiconductor manufacturer. Our collective efforts are helping to address the rapidly expanding opportunity for silicon carbide and better address the unfulfilled demand that exists in the marketplace today.”

The adoption of silicon carbide-based power solutions is rapidly growing across multiple markets, including industrial and EVs. Silicon carbide solutions enable smaller, lighter and more cost-effective designs, converting energy more efficiently to unlock new applications in electrification. This supply agreement will enable silicon carbide applications in a broad range of industries, such as: renewable energy and storage, electric vehicles, charging infrastructure, industrial power supplies, traction and variable speed drives.

Wolfspeed is the global leader in the manufacturing of silicon carbide wafers and epitaxial wafers. The company is currently expanding its manufacturing capacity in the United States and has plans to open a new, automated materials factory in Siler City, North Carolina later this year that will produce 200mm silicon carbide wafers. The new materials factory will increase Wolfspeed’s current materials production capacity by ten times.

About Wolfspeed, Inc.:

Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of silicon carbide technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include silicon carbide material and power devices targeted for various applications such as electric vehicles, fast charging, and renewable energy and storage. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.

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Wolfspeed® is a registered trademark of Wolfspeed, Inc.

Forward Looking Statements:

This press release contains forward-looking statements by Wolfspeed involving risks and uncertainties, both known and unknown, that may cause Wolfspeed’s actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including risks associated with Wolfspeed’s expansion plans, including, among other things, design and construction delays and cost overruns, timing and amount of government incentives actually received, and delays or other difficulties in preparing for and ramping production; the risk of production or supply chain challenges that impact Wolfspeed’s ability to ship in sufficient quantities to satisfy customer requirements; the continued pace of the transition to using silicon carbide devices in electric vehicles and other industrial uses; the risk that Wolfspeed may be unable to manufacture its products with sufficiently low cost to offer them at competitive prices or with acceptable margins; customer acceptance of Wolfspeed’s products; the risk that demand for silicon carbide will not grow as Wolfspeed expects; the rapid development of new technology and competing products that may impair demand or render Wolfspeed’s products obsolete; and other factors discussed in Wolfspeed’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 25, 2023, and subsequent filings. For additional product and company information, please refer to www.wolfspeed.com.

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