Gregg Lowe, Wolfspeed CEO | Wolfspeed/Facebook
Gregg Lowe, Wolfspeed CEO | Wolfspeed/Facebook
Gregg Lowe, CEO of Wolfspeed, a silicon carbide semiconductor firm based in Durham, confirmed in a WRAL TechWire report that an economic development announcement could be coming in the next couple of months, and North Carolina is in the running for the expansion.
“Absolutely, North Carolina is definitely in the discussion,” Lowe said in the report. “We’re very engaged at the state level and at the local level and so forth, and we’re pretty close to a decision, a decision certainly before the end of the year.”
Silicon carbide semiconductors are used to control the distribution of power in an electronics system.
The company’s short list of possible locations includes at least one site in North Carolina, though no other details about prospects were available.
The hint about a possible expansion came during the company’s quarterly and annual earnings report on Aug. 17. Earnings surpassed the consensus expectations of Wall Street analysts, and a growth trend is projected.
“We had a really great 2022 and a fantastic end of the year,” Lowe told WRAL. “Our revenues came in ahead of target, our margins came in ahead of target.”
The company increased its financial outlook for fiscal year 2026, raising the former target of $2.1 billion in revenue by more than 30%; Lowe said.
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