4 October 2021
Cree becomes Wolfspeed, trading on NYSE under new ticker ‘WOLF’
Following a four-year transformation involving the divestiture of two-thirds of the business and a repositioning of the company’s overall core strategy, Cree Inc of Durham, NC, USA has officially become Wolfspeed Inc, focused on silicon carbide technology and production, with the support of a comprehensive, multi-channel integrated marketing campaign.
The firm has also transferred the listing of its common stock from The Nasdaq Global Select Market to the New York Stock Exchange (NYSE), trading under the new ticker symbol ‘WOLF’.
For the past six years, Wolfspeed has served as the brand for Cree’s business unit focused on silicon carbide materials as well as silicon carbide (SiC) and gallium nitride (GaN) power-switching & RF semiconductor devices, for applications such as electric vehicles (EVs), fast charging, 5G, renewable energy and storage, and aerospace & defense.
“We are now a pure-play global semiconductor powerhouse,” says CEO Gregg Lowe. “The next generation in power semiconductors will be driven by silicon carbide technology, with superior performance that unleashes new possibilities and positive changes to the way we live,” he adds.
Lowe joined the company in September 2017 with a vision and commitment to a more collaborative culture built on ingenuity and a mission to pursue a more efficient future. Now, with multi-year, long-term materials agreements totaling more than $1.3bn across several industries, a device pipeline that totals more than $15bn, and an increased production capacity 30x larger than previous facility plans, Wolfspeed says it is driving multiple industries through a shift from silicon to silicon carbide.
Wolfspeed’s technology is key to the electrification of the drivetrain to support the shift to electric vehicles, wireless infrastructure to unlock the potential of smart cities, and power storage to enable broader adoption of renewable energy. Recent action from both private and public entities mandating more energy-efficient solutions accelerates an already strong demand for a more sustainable future with environmentally friendly technologies.
“Strategic additions in organizational leadership, the execution of an expansion plan that allows for significant increases in production, and a sharpened focus on our mission demonstrate we are bringing to life the vision previously laid out as we build on a 30-year history that gives us a marked and competitive advantage in the silicon carbide industry,” reckons Lowe.