Cree and stmicroelectronics expand and extend existing silicon carbide wafer supply agreement
Durham, n.c. and geneva, november 19, 2019 — cree, inc. (nasdaq: cree) and stmicroelectronics (nyse: stm), a global semiconductor leader serving customers across the spectrum of electronics applications, announced today the expansion and extension of an existing multi-year, long-term silicon carbide (sic) wafer supply agreement to more than $500 million. the extended agreement is a doubling in value of the original agreement for the supply of cree’s advanced 150mm silicon carbide bare and epitaxial wafers to stmicroelectronics over the next several years. the increased wafer supply enables the semiconductor leaders to address the rapidly growing demand for silicon carbide power devices globally, particularly in automotive and industrial applications. “expanding our long-term wafer supply agreement with cree will increase the flexibility of our global silicon carbide substrate supply. it will further contribute to securing the required volume of substrate we need to manufacture our sic-based products as we ramp up production over the next years for the increasing number of programs won at automotive and industrial customers,” said jean-marc chery, president and ceo of stmicroelectronics.
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