Wolfspeed Secures $750 Million from Biden Administration for Silicon Carbide Expansion

The funding will support new manufacturing facilities in North Carolina and New York, boosting U.S. semiconductor production and job creation.

The Biden-Harris administration has pledged up to $750 million to Wolfspeed through the CHIPS and Science Act to enhance domestic semiconductor manufacturing.
Wolfspeed plans to use the funds for a new silicon carbide wafer manufacturing plant in Siler City, North Carolina, and to expand its Marcy, New York facility.
The projects are expected to create over 5,000 jobs, including 2,000 manufacturing and 3,000 construction positions, as part of a $6 billion expansion plan.
In addition to government funding, Wolfspeed will receive $750 million from private investors and anticipates $1 billion in tax credits, totaling up to $2.5 billion in financial support.
Wolfspeed's silicon carbide technology is crucial for electric vehicles, renewable energy systems, and AI applications, helping the U.S. maintain its lead over China in this sector.