💨 Abstract

chipmaker Wolfspeed is set to receive $750 million in government grants for a new North Carolina silicon carbide wafer manufacturing plant. The company also secured additional $750 million in financing from investors. The new facility will produce energy-efficient chips used in electric vehicles, renewable energy systems, industrial uses, and artificial intelligence applications. Wolfspeed aims to expand its existing facility in New York and increase production capacity by 30%.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖