Wolfspeed, Inc., a leading manufacturer of Silicon Carbide semiconductors, will establish a manufacturing campus in the Town of Siler City, North Carolina. The $5 billion project is expected to create 1,800 new jobs in Chatham County by 2030.
The Chatham-Siler City Advanced Manufacturing Site will produce the Silicon Carbide materials to make semiconductor chips and devices that more efficiently power electric vehicle inverters and charging systems.
“We are particularly excited and proud to not only expand Wolfspeed’s footprint in our home state of North Carolina, but also our relationship with North Carolina Agricultural and Technical State University to develop a workforce of the future,” said Gregg Lowe, President and CEO of Wolfspeed. “The Chatham County facility will enable the increasing adoption of Silicon Carbide and will drive the dramatic growth of the technology as the power semiconductor market transitions from silicon to the much more efficient Silicon Carbide technology.”
The project from Wolfspeed, will be facilitated, in part, by a High-Yield Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee. According to state officials, Wolfspeed’s project is estimated to grow the state’s economy by more than $17.5 billion over 20 years, the time period when the grant could be active. Using a formula that takes into account the new tax revenues generated by the 1,802 new jobs, and accounting for a company investment of $5 billion, the JDIG agreement authorizes the potential reimbursement to the company of up to $76.1 million, paid over a time period of 20 years.
Like all grants from the JDIG program, any state payments only occur following performance verification each year by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.
“Wolfspeed’s decision further validates North Carolina as the epicenter of clean energy,” said Governor Roy Cooper. “This is another milestone in our drive toward a clean energy economy as it will boost electric vehicle manufacturing and offshore wind while fighting climate change and putting money in the pockets of everyday North Carolinians with great paying jobs.”
The state approved additional support to help with final site preparations at the Chatham-Siler City Advanced Manufacturing Site as part of the recently passed state budget (North Carolina House Bill 103). Included in that support was a $57.5 million appropriation to the Department of Commerce to be used for site preparation.
Wolfspeed’s JDIG agreement also calls for moving as much as $10 million into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities anywhere in the state finance necessary infrastructure upgrades to attract future business.
“Our clean energy supply chain continues to grow with advanced manufacturers like Wolfspeed and its record investment in our state,” added N.C. Commerce Secretary Machelle Baker Sanders. “North Carolina’s economy has a rich manufacturing legacy that benefits from its homegrown companies and innovative research ecosystem to support their success. As a state, we are committed to providing more creative training systems to further develop the talented workforce to help our state maintain its cutting-edge leadership"
Founded and headquartered in Durham, North Carolina, Wolfspeed is the global leader in the production of Silicon Carbide materials and devices which support sustainability through a more efficient use of energy than traditional semiconductor technology.