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To: Sun Tzu who wrote (9034)	10/15/2024 9:24:10 AM
From: Sun Tzu	1 Recommendation Recommended By rdkflorida2 Read Replies (2) \| Respond to of 10550

Biden administration to provide $750 million to North Carolina-based Wolfspeed for advanced computer chips Published Tue, Oct 15 20246:00 AM EDT The Associated Press WATCH LIVE In this article WOLF +3.66 (+32.16%) After Hours The Biden-Harris administration announced plans Tuesday to provide up to $750 million in direct funding to Wolfspeed, with the money supporting its new silicon carbide factory in North Carolina that makes the wafers used in advanced computer chips and its factory in Marcy, New York. Wolfspeed’s use of silicon carbide enables the computer chips used in electric vehicles and other advanced technologies to be more efficient. The North Carolina-based company’s two projects are estimated to create 2,000 manufacturing jobs as part of a more than $6 billion expansion plan. “Artificial intelligence, electric vehicles, and clean energy are all technologies that will define the 21st century, and thanks to proposed investments in companies like Wolfspeed, the Biden-Harris administration is taking a meaningful step towards reigniting U.S. manufacturing of the chips that underpin these important technologies,” Commerce Secretary Gina Raimondo said in a statement. ... ... In addition to the government grant, a group of investment funds led by Apollo, The Baupost Group, Fidelity Management & Research Company and Capital Group plan to provide an additional $750 million to Wolfspeed, the company said. Wolfspeed also expects to receive $1 billion from an advanced manufacturing tax credit, meaning the company in total will have access of up to $2.5 billion. Wolfspeed CEO Gregg Lowe told The Associated Press that the United States currently produces 70% of the world’s silicon carbide — and that the investments will help the country preserve its lead as China ramps up efforts in the sector. Lowe said “we’re very happy with this grant” and that the Commerce Department staff awarding funds from the 2022 CHIPS and Science Act was “terrific.”