Armed with $500 million in state money, NCInnovation says it's well on the way to launching its first investments into research coming out of North Carolina's public universities, even as its board continues to get into public disputes.

Why it matters: NCInnovation raised eyebrows around the state when it asked the N.C. General Assembly for $2.5 billion to create a nonprofit to help promising research at the state's public universities make it through the so-called "valley of death" — the early stage when successful research struggles to attract enough funding to reach commercial applications.

• In the end, after some lawmakers balked at the amount, NCInnovation received only a portion of its ask: $500 million delivered in two lump sums and invested as an endowment.

How it works: NCInnovation plans to use the interest and income of its endowment to write grants to promising research by scientists at a public university in the state, the nonprofit's CEO Bennet Waters told Axios.

• The money is meant to help researchers who might have proof of concept begin the expensive work of scaling the research into commercial uses in North Carolina. Depending on the returns of the endowment, its grant cycles will fluctuate in size.
• NCInnovation recently opened applications for its first statewide grant cycle, with a goal of awarding the grants early next year, Waters said.
• NCInnovation has not yet found an investment fund to manage its endowment, Waters said, but the goal is to reach average returns of 7% to 8% a year. NCInnovation has also raised $25 million in private funds, a number that the state mandated it reach before distributing funds.

State of play: The nonprofit's board of governors has had some contentious disagreements over the direction of the nonprofit.

• That includes one prominent board member, Art Pope, who called for the state to audit the nonprofit and has filed a whistleblower complaint against it for what he saw as transparency issues.

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Durham semiconductor firm Wolfspeed has ousted its CEO, Gregg Lowe. Over the past seven years, Lowe transformed the company from an LED lighting company to one solely focused on silicon carbide chips, a popular component in electric vehicles.

Why it matters: Lowe has overseen a large expansion of Wolfspeed's chips business, opening a chip factory in New York and charting an ambitious expansion in Chatham County.

• But his leadership has also come under scrutiny, with an activist investor pushing back on his expansion plans and urging a potential sale of the company.

Zoom in: In recent months, the company has moved to lay off 20% of its staff, closed a factory in Durham and delayed a future plant in Germany.

• The company, founded on technology built at N.C. State University, has said it is still committed to its planned 1,800-job expansion in Chatham County.

Driving the news: Wolfspeed said Monday morning that Lowe will depart the company this month and that it will begin a search for a new CEO.

What they're saying: Thomas Werner, who has been named executive chairman in Lowe's absence, said Wolfspeed is still committed to its agreement with the federal government to receive CHIPS Act funding — as well as the layoffs and factory closure it recently announced.

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🏒 The Lenovo Center will host one of the Professional Women's Hockey League's nine neutral site games in the PWHL Takeover Tour, as the Ottawa Charge plays the Minnesota Frost on March 7, 2025, at 7pm. (NHL)

• Tickets go on sale to the general public Friday, Nov. 22, at 10am.

😎 U.S. News & World Report named Raleigh No. 6 in its 2025 Best Places to Retire list. (U.S. News)

✈️ Raleigh-Durham International Airport will begin nonstop flights to Calgary this summer. (RDU)

🏃 2026 already? Outgoing Democratic Congressman Wiley Nickel said he plans to run for U.S. Senate and announce that he'll do so in February. (Bloomberg)

The team behind the extremely well-regarded briskets at Prime Barbecue will open a steakhouse in Research Triangle Park next year.

Why it matters: Founded in Knightdale by Christopher Prieto in 2020, Prime has become one of the Triangle's favorite places to grab brisket, pork ribs and a variety of other smoked meats.

• In its short life, it's won plaudits from some of the most respected barbecue connoisseurs in the country, including Texas Monthy, which named it the second-best Texas-style barbecue restaurant located outside of Texas.

Driving the news: Now, Prime plans to get into the steak game, opening Prime STK in the Horseshoe development at HUB RTP.

• It is the second restaurant to announce plans to open in HUB RTP, following the Indian restaurant Cheeni's decision to open a second location there.

What to expect: Prime STK plans to open in the spring, according to a release from the developers of the Horseshoe.

At lunch, Prime STK will offer a counter-service menu focused on chopped-to-order meats and sides.

• But in the evening, counter service makes way for the table side service of a classic steakhouse.

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North Carolina's Chinese Lantern Festival is back now through Jan. 12, 2025.

Walk through tons of huge light displays crafted by 25 Chinese artisans and watch traditional performances like dragon and lion dances.

• Food vendors will offer a mix of appetizers like ramen and entree items like a Korean fried chicken sandwich. In addition to Asian-inspired bites, it'll have holiday treats, coffee, beer plus plain or spiked hot chocolate.

If you go: Tickets start at $15. Kids 2 and under are free.

• 8003 Regency Pkwy.
• It's open 6-10pm daily and closed Christmas Day.