NORTH CAROLINA WINS WOLFSPEED SEMICONDUCTOR MATERIALS PLANT

A North Carolina-based semiconductor company announced it will build a $5 billion manufacturing plant in its home state to produce silicon carbide wafers, which is emerging as a favored part for renewable energy products.

Wolfspeed Inc. said it plans to create 1,800 new jobs by the end of 2030 at a location in Chatham County, about 45 miles (72 kilometers) southwest of its Durham headquarters.

Wolfspeed could benefit from $775 million in cash incentives, infrastructure improvements and other sweeteners from North Carolina and local governments and the state legislature to build on the outskirts of Siler City, according to a state document. The lion’s share would be in the form of local property tax rebates.

A state committee voted to award Wolfspeed up to $76 million over 20 years if it met investment and job-creation goals. The company is also likely to benefit financially from legislation signed by President Joe Biden last month that encourages semiconductor research and production.

The company, formerly known as Cree, already employs over 3,000 jobs in the state. The former LED light pioneer has turned to the production of silicon carbine chips, which are known to be more efficient and solid than traditional silicon chips.

“It’s a game-changing technology for electric vehicles, renewable energy, storage, rail systems, appliances ... and countless other electric applications,” Wolfspeed CEO Gregg Lowe said at the announcement outside the Executive Mansion in Raleigh.