• Company expands partnership with North Carolina Agricultural and Technical State University to bolster compound semiconductor advances while developing a new generation of innovators

Wolfspeed, Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology, and North Carolina Agricultural and Technical State University, America’s leading historically Black college or university, today announced their intent to apply for CHIPS and Science Act funding to build a new research and development facility on the North Carolina A&T campus. The R&D facility will be focused on Silicon Carbide to support the next generation of advanced compound semiconductors. Wolfspeed and A&T intend to submit the project for federal investment as part of the CHIPS and Science Act when the Notice of Funding Opportunity for R&D facilities is released this fall.

“Wolfspeed has been working with North Carolina A&T to develop a workforce of the future, and we are excited to expand that partnership to develop the technology of the future,” said Gregg Lowe, President and CEO of Wolfspeed. “The R&D facility will enable the next generation of innovators to explore new processes, applications and breakthrough advancements to support the global transition from silicon to Silicon Carbide technology and achieve new levels of sustainability and energy efficiency across a variety of industries.”

The announcement was made at an event with President Joe Biden at Wolfspeed’s headquarters in Durham, N.C., and the R&D facility is intended to augment the company’s establishment of the John Palmour Manufacturing Center for Silicon Carbide, the world’s largest Silicon Carbide crystal growth facility, currently under construction in Siler City, North Carolina. Phase one construction is anticipated to be completed in 2024 and, upon completion of the full build out and combined with the company’s currently ongoing materials expansion at its Durham headquarters, will increase material production for Wolfspeed more than 10x and create 1,800 new jobs. The facility will supply 200mm Silicon Carbide wafers to Wolfspeed’s Mohawk Valley Fab, which opened last year in New York as the world’s first, largest and only 200mm Silicon Carbide fabrication facility. U.S. Secretary of Commerce Gina Raimondo and North Carolina Governor Roy Cooper were also in attendance at the event.

“As one of the top three public research universities in North Carolina and the nation’s largest HBCU, we are keenly interested in the future of the semiconductor chip industry in our state,” said Chancellor Martin. “As a research and education partner with Wolfspeed, we bring deep academic and scientific strengths in STEM disciplines to our collaboration, as well as the fact that we produce more Black engineers than any university in the nation. This new facility will integrate our research and development interests toward major economic and social impact, not just in North Carolina, but globally. The possibilities are tremendously exciting.”

Wolfspeed has recognized A&T, one of the nation’s leading engineering institutions, as a critical component of the company’s talent development strategy. In 2020, Wolfspeed committed $4 million over five years to the HBCU, the single largest donation in the university’s history at the time, to create the Wolfspeed Endowed Scholars Program. In September 2022, the two entities announced a partnership to develop a comprehensive education and training curricula, including undergraduate and graduate credentials in Silicon Carbide semiconductor manufacturing, as well as training and career advancement programs for existing semiconductor manufacturing workers.

To further support Wolfspeed’s growing talent needs, the company is working with several schools within North Carolina’s robust community college system to develop the skills required for its advanced manufacturing needs. This includes apprenticeship and pre-apprenticeship opportunities, customized training curricula, career and college promise pathways for high school students, and work-based learning programs.

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 that Wolfspeed and NC A&T do not receive receiving funding under the CHIPS and Science Act for the R&D facility; that Wolfspeed and NC A&T may encounter delays or other difficulties in constructing and equipping the R&D facility; the continued pace of the transition to using Silicon Carbide devices in electric vehicles and other industrial uses; the rapid development of new technology and competing products that may impair demand or render Wolfspeed’s Silicon Carbide 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.

About North Carolina A&T:

North Carolina Agricultural and Technical State University is a doctoral, high-research activity land grant university and the largest historically Black university in America for the last nine consecutive years. Founded in 1891, it is located in Greensboro, N.C. It is the fastest-growing member of the 17-campus University of North Carolina System, having added 3,000 students over the past decade. It is ranked among America’s top 50 national universities in Social Mobility and in Innovation. Considered the leading STEM university among HBCUs, it has graduated more Black engineers, agricultural scientists, journalism and liberal arts students than any other U.S. university over the past two years.

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