Wolfspeed secures $1.5 billion conditional loan commitment from US defense department

U.S. power chip maker Wolfspeed’s silicon carbide 200mm wafer is seen on display at Wolfspeed’s Mohawk Valley Fab in Marcy, New York, U.S., April 2022. Courtesy of Wolfspeed/Handout via REUTERS/File Photo

Oct 7 (Reuters) - Chipmaker ⁠Wolfspeed said on Wednesday it has ⁠received a conditional loan commitment for up ‌to $1.5 billion from the USDepartment of Defense to expand domestic production of silicon carbide materials and power devices, ​sending its shares surging 27% ⁠in extended trading.

• ⁠Wolfspeed makes chips using silicon carbide, which are ⁠more ‌energy-efficient and used in applications that require huge amounts of power conversion ⁠such as electric vehicles, solar inverters and ​industrial ‌power systems

• The company said the conditional ⁠30-year commitment, ​through the defense department's Office of Strategic Capital, reflects its efforts to optimize its capital ⁠structure and improve its financial foundation

• ​It plans to use the financing to upgrade its gallium nitride technology for next-generation communications ⁠infrastructure and electronic warfare systems and develop radiation-hardening capabilities

• The funding is subject to due diligence, definitive agreements, government approvals and other ​conditions

• Under the proposed terms, ⁠Wolfspeed would be required to issue to ​the department warrants to purchase ‌up to 7.5% of ​Wolfspeed's fully diluted equity

(Reporting by Dharna Bafna in Bengaluru; Editing by Shilpi Majumdar)

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2022年4月，美国功率芯片制造商Wolfspeed位于纽约州马西市莫霍克谷的工厂展出了其200毫米碳化硅晶圆。图片由Wolfspeed提供/路透社/档案照片

10 月 7 日（路透社）——芯片制造商 Wolfspeed 周三表示，已从美国国防部获得高达 15 亿美元的有条件贷款承诺，用于扩大碳化硅材料和功率器件的国内生产，消息一出，其股价在盘后交易中飙升 27%。

• Wolfspeed 使用碳化硅制造芯片，这种芯片能效更高，适用于需要大量功率转换的应用，例如电动汽车、太阳能逆变器和工业电力系统。

该公司表示，通过国防部战略资本办公室达成的这项为期30年的有条件承诺，体现了其优化资本结构和改善财务基础的努力。

• 该公司计划利用这笔资金升级其氮化镓技术，用于下一代通信基础设施和电子战系统，并开发抗辐射加固能力。

• 该笔资金的拨付需经过尽职调查、最终协议签署、政府批准以及满足其他条件。

• 根据拟议条款，Wolfspeed 将被要求向该部门发行认股权证，以购买 Wolfspeed 完全稀释后至多 7.5% 的股权。

（班加罗尔 Dharna Bafna 报道；Shilpi Majumdar 编辑）

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