### Federal Funding Boosts Wolfspeed-Chip Plant Projects in North Carolina and New York

Federal support is accelerating the completion of Wolfspeed's innovative silicon carbide chip plants in North Carolina and New York with an infusion of up to $750 million. The North Carolina-based company, renowned for manufacturing advanced computer chip wafers, aims to substantially increase its workforce and production capabilities through this strategic funding.

The initiative, masterminded by the Biden-Harris administration, will bolster Wolfspeed's new silicon carbide factory in Siler City, North Carolina, potentially making it the largest of its kind in the United States. An additional factory in Marcy, New York, will also benefit from the investment. Together, these projects are forecasted to create 2,000 manufacturing jobs, with approximately 1,800 positions located in Chatham County alone.

"These investments in Wolfspeed underscore our commitment to rejuvenating U.S. manufacturing," stated Commerce Secretary Gina Raimondo. She emphasized that technologies like artificial intelligence, electric vehicles, and clean energy will be pivotal in the 21st century, and enhancing chip production is vital to support these sectors.

Wolfspeed's CEO, Gregg Lowe, highlighted the practicality of silicon carbide. "It increases efficiency in electric vehicles and other advanced technologies, reducing energy consumption," Lowe explained. Progress is already evident as the company started growing its initial batch of nearly perfect silicon carbide crystals three months ago.

The federal grant complements an additional $750 million from private investors, including Apollo, The Baupost Group, Fidelity Management & Research Company, and Capital Group. Wolfspeed is also expected to leverage $1 billion from an advanced manufacturing tax credit, bringing their total accessible funding to approximately $2.5 billion.

President Joe Biden has used Wolfspeed as an example in promoting his economic agenda, emphasizing the need to outcompete global players like China. Meanwhile, Vice President Kamala Harris has articulated to voters how the administration’s economic strategies have spurred factory job growth.

Wolfspeed maintains a dominant position, producing 70% of the world's silicon carbide. CEO Gregg Lowe expressed satisfaction with the grant, noting the effective collaboration with the Commerce Department in distributing funds from the 2022 CHIPS and Science Act. With bolstered resources, Wolfspeed is poised to maintain its market leadership amid growing global competition.