The internal combustion engine is going away --
some people call that the ICE -- and our company motto is:
We're Helping End the Ice Age
Welcome, race fans,
to Formula E, the all-electric future of racing.
Formula E is an innovation lab on wheels.
We find out all sorts of things
when you take a product to the extremes.
Wolfspeed is a semiconductor company
and we specialize in a technology called silicon carbide.
It's a better technology than silicon
because it's more efficient. It wastes less energy.
For instance, if you use silicon carbide
in an electric car instead of silicon,
your car is gonna travel 5 to 15% further.
We're a sponsor of the Jaguar TCS Formula E racing team.
We have two embedded engineers on the race team.
We're only one year in, but we're learning a lot.
When Gregg joined Wolfspeed six years ago,
it was a very different company.
It was called Cree and it was best known
for making LED light bulbs.
He made a bet -- it was a huge bet -- both on the technology,
but also on the market taking off for that technology.
Our new factory in upstate New York is the world's
only 200-millimeter silicon carbide factory.
That factory has essentially sold out.
We've announced supply agreements with General Motors,
Jaguar Land Rover, Lucid, and with others.
Our intention is to grow our silicon carbide chip business,
from now through 2027,
at a 60% compounded annual growth rate.
Wells Fargo has raised about $5 billion
of capital for Wolfspeed through
about half a dozen transactions since 2018.
Raising capital as a relatively small company
is not for the faint of heart.
Wells Fargo, it's kind of like the calm
in the middle of the storm.
At Wolfspeed, it's really simple.
We power more by using less.