Jun 27, 2023 - Development

Wolfspeed lands $1.25B to help scale up NC plant

Zachery Eanes

Wolfspeed CEO Gregg Lowe walks on stage in Germany. The semiconductor company is currently expanding its facilities in North Carolina, New York and Europe. Photo: Harald Tittel/picture alliance via Getty Images

Wolfspeed has landed critical cash for its expansion in Chatham County.

Driving the news: The Durham semiconductor firm said Monday it received $1.25 billion in financing from an investment group led by Apollo Global Management, with the option for an additional $750 million as well.

Why it matters: The money is necessary for Wolfspeed to "scale up" the construction of its $5 billion silicon carbide materials plant, Wolfspeed CEO Gregg Lowe said in a statement.

The Siler City plant is projected to be one of the largest economic development projects in state history.

Details: The expansion is expected to create at least 1,800 jobs that pay an average of $77,753 per year, according to Wolfspeed.

In exchange, the state and local governments will provide about $775 million in incentives if Wolfspeed meets hiring and investment goals.

The big picture: It's the latest news of progress among the state's largest economic development projects, including Apple's expansion in Research Triangle Park and Toyota's battery plant in Randolph County.

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Wolfspeed lands $1.25B to help scale up NC plant

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