$225 million dollar expanded supply agreement supports steepening demand for Silicon Carbide across several key industries and among traditional semiconductor companies

Wolfspeed, Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology, today announced the expansion of an existing multi-year, long-term Silicon Carbide wafer supply agreement, now worth approximately $225 million, with a leading power device company. The expanded agreement calls for Wolfspeed to supply the company with 150 mm Silicon Carbide bare and epitaxial wafers, reinforcing the company’s vision for an industry-wide transition from silicon to Silicon Carbide semiconductor power devices.

“Wolfspeed has an unmatched level of experience with Silicon Carbide and, as a result, is a key player in supplying the rapidly growing demand for Silicon Carbide,” said Dr. Cengiz Balkas, SVP and GM of Materials for Wolfspeed. “This agreement further strengthens our long-time cooperation with a best-in-class power semiconductor manufacturer. This well-established partnership, paired with our most recent announcement of a multi-billion-dollar materials expansion in North Carolina, is a huge step forward in our mission of transitioning the industry from silicon to Silicon Carbide.”

Wolfspeed is the global leader in the manufacturing of Silicon Carbide wafers and epitaxial wafers. The recently announced expansion of the company’s Silicon Carbide materials footprint will enhance its market leadership and improve the company’s ability to supply wafers to current and potential customers – a critical part of the larger wide bandgap semiconductor supply chain.

The adoption of Silicon Carbide-based power solutions is rapidly growing across multiple markets, including industrial and automotive. Silicon carbide solutions enable smaller, lighter and more cost-effective designs, converting energy more efficiently to unlock new clean energy applications. To better support these growing markets, device manufacturers are interested in securing access to high-quality Silicon Carbide substrates to support their customers.

The supply agreement enables Silicon Carbide applications in broad markets such as renewable energy and storage, electric vehicles, charging infrastructure, industrial power supplies, traction and variable speed drives.

About Wolfspeed, Inc.:

Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and GaN technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.

Twitter: @Wolfspeed

LinkedIn: @Wolfspeed

Wolfspeed® is a registered trademark of Wolfspeed, Inc.

Forward Looking Statements:

This press release contains forward-looking statements by Wolfspeed involving risks and uncertainties, both known and unknown, that may cause Wolfspeed’s actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk we may be unable to manufacture new products with sufficiently low cost to offer them at competitive prices or with acceptable margins; the risk we may encounter delays or other difficulties in ramping up production of our new products; customer acceptance of our new products; the rapid development of new technology and competing products that may impair demand or render Wolfspeed’s products obsolete; and other factors discussed in Wolfspeed’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 26, 2022, and subsequent filings. For additional product and company information, please refer to www.wolfspeed.com.

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