Wolfspeed

File:High-power light emitting diodes cree xlamp 7090 xr-e q4.jpg

File:Cree 800 lumen LED 2700K.jpg, introduced in March 2013]]

Cree Research was founded in July 1987 in Durham, North Carolina. Five of the six founders – Neal Hunter, Thomas Coleman, John Edmond, Eric Hunter, John Palmour, and Calvin Carter – are graduates of North Carolina State University.{{cite news | url=https://www.wraltechwire.com/2007/07/02/50-who-matter-media-spotlight-shines-on-cree-co-founder/ | title='50 Who Matter' Media Spotlight Shines on Cree Co-Founder | first=Rick | last=Smith | work=WRAL-TV | date=July 2, 2007}}

In 1983, the founders – one a research assistant professor and the others student researchers – were seeking ways to leverage the properties of silicon carbide to enable semiconductors to operate at higher operating temperatures and power levels. They also knew silicon carbide could serve as the diode in light-emitting diode (LED) lighting, a light source first demonstrated in 1907 with an electrically charged diode of silicon carbide. The research team devised a way to grow silicon crystals in the laboratory, and in 1987 founded the company to produce silicon carbide to be used commercially in both semiconductors and lighting.{{cite web | url=https://www.linkedin.com/pulse/30-years-later-tech-founders-perspective-what-takes-disrupt-palmour | title=30 years later: A tech founder's perspective on what it takes to disrupt markets | first=John | last=Palmour | work=LinkedIn | date=August 24, 2017}}

In 1989, the company introduced the first blue LED, enabling the development of large, full-color video screens and billboards.{{Cite news | url=https://www.forbes.com/sites/willyshih/2021/10/04/cree-becomes-wolfspeed-gm-deal-signals-the-coming-end-of-the-ice-age/?sh=1a985c8ce28f | title=Cree Becomes Wolfspeed, GM Deal Signals The Coming End Of The ICE Age | first=Willy | last=Shih | work=Forbes | date=October 4, 2021 | url-access=limited}}

In 1991, the company released the first commercial silicon carbide wafer.{{Cite news | url=https://spectrum.ieee.org/silicon-carbide-smaller-faster-tougher | title=SILICON CARBIDE: SMALLER, FASTER, TOUGHER | work=Institute of Electrical and Electronics Engineers | date=September 27, 2011}}

In 1993, the company became a public company via an initial public offering.{{Cite news | url=https://www.bizjournals.com/triangle/print-edition/2012/07/13/now-25-cree-inc-closes-in-on-1b.html | title=Now 25, Cree Inc. closes in on $1B threshold | first=Lauren | last=Ohnesorge | work=American City Business Journals | date=July 13, 2012}}

In 1999, the company name was changed from Cree Research to Cree, Inc.{{cite news | url=https://www.bizjournals.com/triangle/stories/2000/01/03/daily2.html | title=Cree proposes a public offering, changes name | work=American City Business Journals | date=January 3, 2000}}

In 2011, the company acquired Ruud Lighting for $525 million.{{cite news | url=https://journaltimes.com/business/local/ruud-lighting-acquired-for-525-million/article_44ca3d9e-c914-11e0-a4e2-001cc4c03286.html | title=Ruud Lighting acquired for $525 million | first=Michael | last=Burke | work=Racine Journal Times | date=August 17, 2011}}

In August 2011, the company announced the XLamp XT-E Royal Blue LED for use in remote phosphor lighting.{{cite press release | url=https://www.businesswire.com/news/home/20110802005329/en/Cree-Launches-New-High-Performance-XLamp%C2%AE-XT-E-Royal-Blue-LED-and-Patent-Licensing-Program-for-Remote-Phosphor-Applications | title=Cree Launches New High-Performance XLamp® XT-E Royal Blue LED and Patent Licensing Program for Remote Phosphor Applications | publisher=Business Wire | date=August 2, 2011}}

In 2013, the company's first consumer products, two household LED bulbs, qualified for Energy Star rating by the United States Environmental Protection Agency.{{cite news | url=https://www.cleveland.com/business/2013/10/crees_led_bulb_now_energy_star.html| last=Funk| first=John| title=Cree's LED bulb now Energy Star, qualifies for up to $5 price cut| work=The Plain Dealer | date=October 10, 2013}}

In July 2016, Infineon Technologies agreed to acquire the company's Wolfspeed RF and power electronics devices unit for $850 million. However, the deal was terminated in February 2017 due to regulators’ national security concerns.{{Cite news | url=https://www.wsj.com/articles/cree-and-infineon-call-off-wolfspeed-deal-1487283826 | title=Cree and Infineon Call Off Wolfspeed Deal | last=Armental | first=Maria | work=The Wall Street Journal | date=February 16, 2017 | url-access=subscription}}

In March 2018, the company acquired the RF Power Business Infineon Technologies AG's for €345 million.{{Cite press release | url=https://www.infineon.com/cms/en/about-infineon/press/press-releases/2018/INFXX201803-041.html | title=Cree acquires Infineon RF Power Business | publisher=Infineon Technologies | date=March 6, 2018}}

In May 2019, the company sold its Lighting Products division (now branded as Cree Lighting) to Ideal Industries.{{Cite press release |url=https://www.wolfspeed.com/company/news-events/news/cree-closes-on-the-sale-of-cree-lighting-to-ideal-industries-inc | title=Cree Closes on the Sale of Cree Lighting to IDEAL INDUSTRIES, Inc. | publisher=Wolfspeed | date=May 13, 2019}}

In September 2019, the company announced a $1 billion investment in a semiconductor manufacturing plant in Marcy, New York to build the world’s largest silicon carbide fabrication facility with a $500 million grant from New York State.{{Cite news | url=https://www.bizjournals.com/albany/news/2019/09/23/cree-marcy-ny-silicon-cardbide-fabrication.html | title=$1 billion semiconductor plant to be built in Mohawk Valley | first=Liz | last=Young | work=American City Business Journals | date=September 23, 2019}}{{Cite news | url=https://www.timesunion.com/business/article/Cree-plans-1B-semiconductor-plant-in-Marcy-14461302.php | title=Cree plans $1B semiconductor plant in Marcy | first=Larry | last=Rulison | work=Times Union | date=September 23, 2019}}{{Cite news | url=https://www.syracuse.com/business/2019/09/cree-to-build-1-billion-silicon-carbide-wafer-plant-near-utica.html | title=Cree to build $1 billion silicon carbide wafer plant near Utica; state gives $500 million grant | first=Rick | last=Moriarty | work=The Post-Standard | date=September 23, 2019}}

In March 2021, the company sold its LED Business to SMART Global Holdings for up to $300 million.{{Cite press release | url=https://www.businesswire.com/news/home/20210301005155/en/Cree-Completes-Sale-of-its-LED-Business-to-SMART-Global-Holdings-Inc. | title=Cree Completes Sale of its LED Business to SMART Global Holdings, Inc. | publisher=Business Wire | date=March 1, 2021}}

File:Cree Inc. logo.svg

In October 2021, the company changed its name to Wolfspeed.{{Cite press release | url=https://www.businesswire.com/news/home/20210916005181/en/Cree-Wolfspeed-To-Transfer-to-the-New-York-Stock-Exchange-and-Trade-Under-New-Ticker-Symbol-%E2%80%9CWOLF%E2%80%9D-To-Host-Investor-Day-in-NYC-on-Wednesday-Nov.-17 | title=Wolfspeed To Transfer to the New York Stock Exchange and Trade Under New Ticker Symbol "WOLF"; To Host Investor Day in NYC on Wednesday, Nov. 17 | publisher=Business Wire | date=September 16, 2021}}

In April 2022, the Marcy, New York, facility opened.{{cite news |title=Wolfspeed opens Mohawk Valley chip fab |first=Shayla |last=Colon |date=April 25, 2022 |publisher=Times Union (Albany) |url=https://www.timesunion.com/business/article/Wolfspeed-opens-Mohawk-Valley-fab-expected-to-17124884.php |access-date=May 16, 2022}} New York Governor Kathy Hochul{{cite news |title=What's Down the Road for Silicon? |first1=Amos |last1=Zeeberg |date=May 16, 2022 |work=The New York Times |url=https://www.nytimes.com/2022/05/16/science/electronics-silicon-gallium.html |access-date=May 16, 2022}} and US Senator Chuck Schumer spoke at the event.

In November 2022, the company announced that co-founder and Chief Technology Officer John Palmour had died.{{Cite web |url=https://www.bizjournals.com/triangle/news/2022/11/14/wolfspeed-john-palmour-dies-legacy-nc-state.html |title=Wolfspeed co-founder John Palmour, lifelong NC State fan, dies|access-date=2022-11-16 |website=www.bizjournals.com}}

In February 2023 it announced it would build its first European factory in Germany.{{Cite news |last=Eddy |first=Melissa |date=2023-03-27 |title=Germany Wants More Chip Makers, but They Won't Come Cheap |language=en-US |work=The New York Times |url=https://www.nytimes.com/2023/03/27/world/europe/germany-chips-subsidies.html |access-date=2023-03-28 |issn=0362-4331}} It is supposed to be on the site of a former coal plant in Ensdorf, Saarland with ZF Friedrichshafen as a coinvestor and susidized by the EU as an important project of common European interest (IPCEI) for Microelectronics and Communication Technologies.{{Cite web |date=2023-02-01 |title=Wolfspeed Announces Plan to Construct World's Largest, Most Advanced Silicon Carbide Device Manufacturing Facility in Saarland, Germany |url=https://www.wolfspeed.com/company/news-events/news/wolfspeed-announces-plan-to-construct-worlds-largest-most-advanced-silicon-carbide-device-manufacturing-facility-in-saarland-germany/ |access-date=2023-03-28 |website=www.wolfspeed.com |language=en-us}}

In August 2023, it was announced the Lowell-headquartered semiconductor company, MACOM had entered into a definitive agreement to acquire Wolfspeed's RF business.{{Cite web |last=Joosting |first=Jean-Pierre |date=2023-08-22 |title=MACOM agrees to acquire the RF Business of Wolfspeed |url=https://www.eenewseurope.com/en/macom-agrees-to-acquire-the-rf-business-of-wolfspeed/ |access-date=2023-08-22 |website=eeNews Europe |language=en-US}}

In June 2024, Wolfspeed has delayed its $3 billion semiconductor plant in Germany to mid-2025, reflecting the EU's challenges in boosting local chip production. The delay underscores issues with the EU Chips Act, as few projects have progressed, jeopardizing the goal of achieving 20% global market share by 2030.{{Cite news |last1=Sterling |first1=Toby |last2=Steitz |first2=Christoph |last3=Ersen |first3=Hakan |date=2024-06-19 |title=Wolfspeed plant delayed as EU's chipmaking plans flounder |language=en |work=Reuters|url=https://www.reuters.com/technology/wolfspeed-plant-delayed-eus-chipmaking-plans-flounder-2024-06-20/ |access-date=2024-06-20}} Wolfspeed announced the project's indefinite hold in October 2024, citing low demand.{{cite news |url=https://www.reuters.com/business/autos-transportation/zf-pull-out-wolfspeeds-german-chip-plant-reports-handelsblatt-2024-10-22/ |title=ZF to quit Wolfspeed's German chip project, says industry source |work=Reuters |date=October 22, 2024 |accessdate=October 25, 2024}} As a result, ZF ceased to take part in the project.

In October 2024, the Biden Administration announced that it would provide Wolfspeed with up to $750 million in direct funding to support the company's new silicon carbide factory in North Carolina that makes the wafers used in advanced computer chips and its factory in Marcy, New York. {{Cite news | url=https://www.cnbc.com/2024/10/15/biden-to-provide-750-million-to-wolfspeed-for-advanced-computer-chips.html/ |title=Biden administration to provide $750 million to NC-based Wolfspeed for advanced computer chips|access-date=2024-10-15}}

On May 20, 2025, it was reported that Wolfspeed was preparing to file for Chapter 11 bankruptcy within the coming weeks after warning that it may be unable to continue future operations after lower than expected annual sales were reported. Wolfspeed's stock slid to barely over a dollar per share that day.{{Cite web|url=https://www.reuters.com/business/wolfspeed-prepares-file-bankruptcy-within-weeks-wsj-reports-2025-05-20/|title=Wolfspeed prepares to file for bankruptcy within weeks, WSJ reports|date=May 20, 2025|access-date=May 20, 2025|website=Reuters|language=en}}

On October 13, 2022, a facilities electrician was electrocuted at the Wolfspeed Research Triangle Park in Durham, North Carolina. The incident sparked a state investigation into his death as well as public concern for the company's poor work safety record.

{{cite web

| title=After Wolfspeed worker killed on job, North Carolina labor department opens investigation

| first=Brian

| last=Gordon

| date=2022-10-19

| publisher=The News & Observer

| url=https://www.newsobserver.com/news/business/article267429762.html

| access-date=2023-02-05

}}

State Department of Labor investigations into the company have uncovered 17 workplace safety violations between 2012 and 2023, including six serious violations.{{Citation needed|date=April 2025}}

{{Reflist}}

{{Commons category}}

• {{Official website|https://www.wolfspeed.com}}

{{Finance links

| name = Wolfspeed, Inc.

| symbol = WOLF

| reuters = WOLF.N

| bloomberg = WOLF:US

| sec_cik = 895419

| yahoo = WOLF

| google = WOLF:NYSE

}}

• {{cite web | url=https://www.researchgate.net/publication/294580040 | title=Case Study: Cree, Inc. Local Markets and Global Competitiveness: A Value Chain Analysis | first1=Gary | last1=Gereffi | first2=Ghada | last2=Ahmed | first3=Marcy | last3=Lowe | date=October 22, 2010 | publisher=Duke University | work=Center on Globization, Governance, & Competitiveness (CGGC) | archive-url=https://web.archive.org/web/20151129024046/http://www.cggc.duke.edu/pdfs/CGGC_Cree_CaseStudy_10-22-10.pdf | archive-date=November 29, 2015 | url-status=live}}
• [https://www.youtube.com/watch?v=wqybaZKBjoc Official] opening ceremony of upstate New York Fab.

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Category:1993 initial public offerings

Category:American companies established in 1987

Category:Companies based in Durham, North Carolina

Category:Companies listed on the New York Stock Exchange

Category:Electronics companies established in 1987

Category:Semiconductor companies of the United States

Category:Light-emitting diode manufacturers

Category:Manufacturing companies based in North Carolina