The state commerce agency coordinated recruitment of Wolfspeed, which also involved state, regional, and local organizations. Wolfspeed will build a plant and grow the crystalline material for silicon carbide chips.
The state set aside $112.5 million in 2022 as an incentive for a chip manufacturing project in Chatham County. The project is also set to receive a state job development investment grant that authorizes potential reimbursement to the company of up to $76.1 Wolfspeed also stands to receive more than $600 million from both the county and Siler City. of Commerce approved $76 million for Wolfspeed through a Job Development Investment Grant – if the company can hire 1,800 workers by 2030. The expansion also follows other large-scale tax incentives from state and local governments, set to total an estimated $775 million if Wolfspeed meets hiring and investment goals. $5 billion will go to constructing a building with 10x the production capacity of what stands there today,” President Joe Biden said in a March 29 tweet. “Today, Wolfspeed is making the largest manufacturing investment in North Carolina history. The partnership with NC A&T was made in conjunction with President Joe Biden’s “Invest in America Tour” where the first stop was at Wolfspeed’s headquarters in Durham. “The R&D facility will enable the next generation of innovators to explore new processes, applications, and breakthrough advancements to support the global transition from silicon to silicon carbide technology and achieve new levels of sustainability and energy efficiency across a variety of industries,” Lowe said in the NC A&T announcement. Wolfspeed and the university intend to also seek federal investment under the CHIPS Act, when its funding notice guidlines for R&D facilities is released in the fall.Īccording to the university, the research facility is intended to augment the company’s John Palmour Manufacturing Center for Silicon Carbide, which is described as being the world’s largest silicon carbide crystal growth facility and now is under construction in Siler City, N.C. The R&D facility will be focused on silicon carbide to support the next generation of advanced compound semiconductors. He anticipates the new facility could be eligible for incentives under the CHIPS and Science Act. “EV adoption is happening earlier and faster than anyone anticipated,” Gregg Lowe, president and CEO of Wolfspeed, told Axios Raleigh, adding that the company's customers include General Motors.
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Nationwide, those sales increased by two-thirds in 2022, with Wolfspeed noting that its silicon carbide devices enable EVs to go further on a single charge and reduce the amount of time drivers spend at charging stations. The plans come as North Carolina’s economy saw an increase of more than 190,000 jobs in 2022, the best year for employment growth in the state in more than 30 years, according to the state Chamber of Commerce, amid the rise of electric vehicle (EV) sales.
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