WOLF - Wolfspeed to build silicon carbide wafer plant in North Carolina

• Wolfspeed ( NYSE: WOLF ) will build a multi-billion-dollar materials manufacturing facility in Chatham County, North Carolina, the semiconductor company announced on Friday .
• The facility will primarily produce 200mm silicon carbide wafers for supply to Wolfspeed's Mohawk Valley Fab, which is said to be the largest fully automated 200mm silicon carbide fabrication plant in the world.
• The ~$1.3B Phase one construction is anticipated to be completed in 2024. Between 2024 and the end of the decade, the company will add additional capacity as needed, eventually occupying more than 1M sq ft on the 445-acre site and adding roughly 1,800 jobs.
• The project will be supported by ~$1B incentive package from the state, county and local governments. In addition, Wolfspeed ( WOLF ) seeks to apply for federal funding under the CHIPS and Science Act to accelerate the construction and build-out of the facility.
• WOLF shares were up over 3% shortly before 11.45AM ET
• Earlier today, Intel broke ground on two advanced chipmaking facilities in Ohio .

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