Wolfspeed (formerly known as Cree) produces wafers and device level components for high-power applications based primarily on silicon carbide (SiC) and gallium nitride (GaN), leveraging the technology historically used for LED production. The company has transitioned into a pure play semiconductor company with the sale of its Light Product business in 2019 and its LED business in 2021. Its products are mainly used in solar, electric vehicles, motor drives, power supplies and transportation applications, while RF devices are used for communication purposes. Wolfspeed has 5,130 employees and was founded in 1987.
Wolfspeed is the biggest (commercial) supplier of Silicon Carbide (SiC) in the world. SiC is an alternative material to produce wafers (most wafers are produced from silicon). SiC offers important advantages to silicon.
SiC allows for smaller and lighter, yet faster and more durable products. This is very relevant for electric vehicles, where less weight means a car can drive further on a single charge. In addition, faster charging means driving longer distances with an electric vehicle is becoming easier. So, Wolfspeed plays an important role in stimulating the adoption of electric vehicles. The company's products are also used for storage of solar energy.