Wolfspeed Inc. announced that it has received a conditional loan commitment from the U.S. Department of Defense's Office of Strategic Capital. The commitment is for a total amount of up to $1.5 billion, with a term of 30 years.
The company stated that the loan is intended to support the development of its wide bandgap semiconductor business. This financial support is specifically directed toward the expansion of its silicon carbide materials and power device manufacturing capabilities.
Wolfspeed is an innovator in the field of wide bandgap semiconductors. Its primary focus is on silicon carbide materials and devices for power applications. The company's product families include silicon carbide materials and power devices, which are targeted for various uses.
As of the latest update, Wolfspeed's stock is trading at $26.99. The company has a market capitalization of $1.62 billion. Wolfspeed is listed on the New York Stock Exchange under the ticker symbol WOLF.
