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Wolfspeed announced that its Board of Directors (the “Board”) has determined and agreed with Gregg Lowe that he will depart this month from his roles as Wolfspeed’s President and Chief Executive Officer and as a member of the Board. The Board is conducting a search to identify a permanent CEO with the support of a leading global executive search firm.
The Board has appointed Thomas Werner, Chairman of the Board, as Executive Chairman while the Board works to identify Wolfspeed’s next CEO. Mr. Werner will oversee the continued execution of Wolfspeed’s strategy in close alignment with Wolfspeed’s senior leadership team, the Board and the Board’s operations and finance committees. Following Mr. Werner’s appointment as Executive Chairman, Board member Stacy Smith was appointed as Lead Independent Director.
“On behalf of the full Board, I would like to thank Gregg for his service and dedication to Wolfspeed,” Mr. Werner said. “Since joining the Company as CEO in 2017, Gregg has spearheaded our transition into a leading, pure-play silicon carbide company well-positioned to capture the long-term opportunities ahead. The Board has always been focused on driving long-term value, and at this inflection point in Wolfspeed’s journey, the Board agreed that this is the right time for a leadership transition.”
Mr. Werner added, “I have started in the role of Executive Chairman to keep Wolfspeed focused on completing key priorities while the Board conducts a search for our next CEO. I look forward to working closely with our highly engaged Board and senior leadership team to oversee day-to-day operations and ensure we continue to provide our customers with high-quality products. As we look ahead, we are firmly committed to our key strategic initiatives, which includes executing against the milestones outlined in our recent CHIPS PMT agreement, completing our restructuring initiatives to lower our break-even point and accelerate our path towards profitability, and delivering sales growth on a consistent basis. Wolfspeed is materially undervalued relative to its strategic value and I will focus on driving the Company’s priorities and working with the Finance Committee of the Board to explore options to unlock value.”
Mr. Lowe said, “I am honored to have had the opportunity to lead Wolfspeed and work alongside such talented and dedicated colleagues. Over the past seven years, we have transformed Wolfspeed into the only pure-play and vertically integrated silicon carbide operator in the country to capitalize on the structural and long-term demand for next generation semiconductor technology. While there is work still to be done, I have every confidence that Wolfspeed will execute on its strategic priorities and extend its silicon carbide leadership in the years to come.”
About Thomas Werner
Mr. Werner has been a member of the Board of Directors since March 2006, and has served as Chairman of the Board of the Company since October 2023. He has served as the Executive Chairman of SunPower Corporation (Nasdaq: SPWR), a publicly traded marketer of high-efficiency solar cells and solar panels, since February 2024, and served as Principal Executive Officer of SunPower from February 2024 until August 2024. Mr. Werner previously served as Sunpower’s Chairman of the Board of Directors from June 2010 to November 2021 and as its Chief Executive Officer from June 2003 to April 2021. Prior to SunPower, he served as Chief Executive Officer of Silicon Light Machines Corporation, an optical solutions subsidiary of Cypress Semiconductor Corporation, from July 2001 to June 2003. Earlier, Mr. Werner was Vice President and General Manager of the Business Connectivity Group of 3Com Corporation, a network solutions company.
Original – Wolfspeed
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Ideal Power Inc. reported results for its third quarter ended September 30, 2024.
“Our Q3 accomplishments underscore the continued execution of our B-TRAN™ commercial roadmap with several significant developments. We are collaborating with a third global automaker and recently secured initial orders from a global Tier 1 automotive supplier. We added our second and third distributors with expertise in demand-creation and they are already placing customer orders and providing quotes of our products to large global companies,” said Dan Brdar, President and Chief Executive Officer of Ideal Power. “Overall, the momentum we are building is working to advance companies to orders followed by potential custom development agreements and/or design wins to drive long-term value creation for our shareholders.”
Key Third Quarter and Recent Business Highlights
Execution to our B-TRAN™ commercial roadmap continues, including:
- Secured orders from a Global Tier 1 automotive supplier for numerous discrete B-TRAN™ devices, a SymCool® power module, a solid-state circuit breaker (SSCB) evaluation board and a driver. This customer is interested in using B-TRAN™ for solid-state electric vehicle (EV) contactor applications.
- Meeting regularly with Stellantis’ technical and production teams with Phase III expected to begin shortly after Stellantis selects a Tier 1 supplier to design and build the drivetrain inverter for its new EV platform. In a parallel initiative, Stellantis continues working with the Company and a large semiconductor company with expertise in driver control circuity for the B-TRAN™ inverter drivers.
- Collaborating with a third global automaker. This auto OEM is evaluating B-TRAN™-enabled contactors as a potential replacement for electromechanical contactors in its EVs. The Company recently delivered a SSCB evaluation board to this automaker.
- Added our second distributor, RYOSHO. RYOSHO already placed orders with Ideal Power from a large global customer interested in the Company’s products for solid-state circuit protection applications and introduced B-TRAN™ to global automakers based in Japan.
- Added our third distributor, Sekorm Advanced Technology (Shenzhen) Co., Ltd. In response to customer requests, Sekorm began quoting our products to large companies for SSCB applications.
- Initiated third-party automotive qualification and reliability testing of B-TRAN™ devices. This testing requires over a thousand packaged B-TRAN™ devices from multiple wafer runs. Initial test results are positive with no failures to date.
- Increased the current rating of our SymCool® power module from 160A to 200A, a 25% increase, based on the results of testing. In conjunction with a power module size reduction of approximately 50%, this significantly increases the power density of the SymCool® power module.
- B-TRAN™ Patent Estate: Currently at 90 issued B-TRAN™ patents with 42 of those issued outside of the United States and 50 pending B-TRAN™ patents. Current geographic coverage includes North America, China, Japan, South Korea, India, Europe, and Taiwan.
Third Quarter 2024 Financial Results
- Cash used in operating and investing activities in the third quarter of 2024 was $2.4 million compared to $1.9 million in the third quarter of 2023.
- Warrant proceeds in the third quarter of 2024 were $1.0 million.
- Cash used in operating and investing activities in the first nine months of 2024 was $6.6 million compared to $5.6 million in the first nine months of 2023.
- Cash and cash equivalents totaled $18.7 million at September 30, 2024.
- No long-term debt was outstanding at September 30, 2024.
- Operating expenses in the third quarter of 2024 were $2.9 million compared to $2.8 million in the third quarter of 2023.
- Net loss was $2.7 million in both the third quarter of 2024 and the third quarter of 2023.
2024 Milestones
For 2024, the Company has set or achieved the following milestones:
√ Successfully completed Phase II of development program with Stellantis
• Secure Phase III of development program with Stellantis
√ Completed qualification of second high-volume production fab
• Convert large OEMs in our test and evaluation program to design wins/custom development agreements
√ Added distributors for SymCool® products
• Initial sales of SymCool® IQ intelligent power module
√ Began third-party automotive qualification testingOriginal – Ideal Power
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The safe hot-swap operation in AI servers and telecom requires MOSFETs with a robust linear operating mode as well as a low R DS(on). Infineon Technologies AG addresses this challenge with the new OptiMOS™ 5 Linear FET 2, a MOSFET designed to provide the ideal trade-off between the R DS(on) of a trench MOSFET and the wide safe operating area (SOA) of a classic planar MOSFET.
The device prevents damage to the load by limiting the high inrush current and ensures minimal losses during operation due to its low R DS(on). Compared to the previous generation (the OptiMOS Linear FET), the OptiMOS Linear FET 2 offers improved SOA at elevated temperatures and reduced gate leakage current, as well as a wider range of packages. This allows for more MOSFETs to be connected in parallel per controller, reducing bill-of-material (BOM) costs and offering more design flexibility due to the extended product portfolio.
The 100 V OptiMOS 5 Linear FET 2 is available in a TO-leadless package (TOLL) and offers a 12 times higher SOA at 54 V at 10 ms and 3.5 times higher SOA at 100 µs compared to a standard OptiMOS 5 with similar R DS(on). The latter improvement is particularly important for the battery protection performed inside the battery management system (BMS) in case of a short circuit event. During such events the current distribution between parallel MOSFETs is critical for the system design and reliability.
The OptiMOS 5 Linear FET 2 features an optimized transfer characteristic that allows for improved current sharing. Taking into account the wide SOA and improved current sharing, the number of components can be reduced by up to 60 percent in designs where the number of components is determined by the short-circuit current requirement. This enables high power density, efficiency, and reliability for battery protection which are used in a wide range of applications including power tools, e-bikes, e-scooters, forklifts, battery back-up units and battery-powered vehicles.
The new OptiMOS 5 Linear FET 2 MOSFET is now available. Further information can be found at www.infineon.com/optimos-linearfet and www.infineon.com/ipt023n10nm5lf2.
Original – Infineon Technologies
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onsemi and Würth Elektronik announced the integration of Würth Elektronik’s passive components database into onsemi’s one-of-a-kind Self-Service PLECS® Model Generator (SSPMG). This intuitive web-based platform enables engineers to create custom high-accuracy, high-fidelity PLECS models of complex power electronic applications, which helps identify and fix performance bottlenecks early in the design process. With the addition of Würth Elektronik’s passive system components to SSPMG, the generated switching loss models achieve even higher precision than before.
Relying on laboratory configurations and environments, typical industry PLECS models don’t always reflect the wide range of conditions that component characteristics such as conduction, energy loss and thermal impedance display in practical implementations. In contrast, SSPMG’s capabilities are based on onsemi’s physically scalable SPICE (Simulation Program with Integrated Circuit Emphasis) models, which are rooted in semiconductor physics and the actual process variations in making the components, resulting in a more accurate representation of their behavior in the circuit.
“SSPMG empowers onsemi customers to autonomously generate system-level PLECS models that are tailored to their specific power application,” said James Victory Doctor of Philosophy, fellow, Modeling and Simulation Solutions, Power Solutions Group, onsemi. “Instead of going through long and costly fabrication-based cycles, customers develop and optimize their complete power systems virtually, enabling them to go to market faster.”
“With the seamless integration of Würth Elektronik’s database of SPICE models into onsemi’s SSPMG, design engineers can now select both the active onsemi components and the passive Würth Elektronik components for their application, generating a more accurate switching loss model,” said Dayana Cómbita, strategic partnership manager Europe, Würth Elektronik. “Together, we are paving the way to first-time-right, optimized system designs for our mutual customers.”
SSPMG loss models can be downloaded and then used on customers’ proprietary simulation platforms or uploaded into onsemi’s industry-leading Elite Power Simulator (EPS). EPS provides customers direct insights into how a circuit topology will perform across onsemi’s EliteSiC family of products, PowerTrench® T10 MOSFETs and Field Stop 7 (FS7) IGBTs and IPMs.
Original – onsemi
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CVD Equipment Corporation announced its financial results for the third quarter ended September 30, 2024.
Manny Lakios, President and CEO of CVD Equipment Corporation, commented, “We are pleased that CVD’s third quarter 2024 revenue was $8.2 million, representing a 31.4% increase from the prior year period, which supported an improvement in operating performance and system gross margins. It is also encouraging that our September 30th backlog was $19.8 million, meaningfully higher than our 2023 year-end backlog. We are staying the course on our strategic efforts to build critical customer relationships, while carefully managing our costs to achieve our goal of long-term profitability and positive cash flow, while simultaneously focusing on growth and return on investment.”
“We continue to see an ongoing recovery of our Aerospace and Defense market segment. In early November, we received a $3.5 million follow on order for our CVI/CVD3500 system from an existing aerospace customer.”
“The silicon carbide market has remained quite dynamic, with ongoing overcapacity and declining wafer pricing,” continued Mr. Lakios. “That said, SiC wafer producers are quickly transitioning to 200 mm production to stay competitive, and CVD is making progress with the shipment of our first PVT200™ system during the third quarter. As we stated previously, this was a strategic order for SiC 200 mm crystal boule growth that we received in the first quarter of 2024. The performance of the system is currently being evaluated for production by our now second PVT account. In addition, we are continuing to support both our PVT150™ and PVT200™ products in the field.”
Mr. Lakios added, “Our order and revenue levels continue to fluctuate given the nature of the emerging growth end markets we serve.”
Third Quarter 2024 Financial Performance
- Revenue of $8.2 million, an increase of 31.4% year over year primarily due to higher CVD Equipment system revenues and an increase in gas delivery system revenues by our SDC segment.
- In the third quarter of 2023, we recognized an increase in revenue of $0.8 million that was the result of a modification of a customer contract.
- Backlog as of September 30, 2024 of $19.8 million, a decrease from $24.0 million at June 30, 2024 and increase from $18.4 million at December 31, 2023.
- During the quarter, we recognized a $1.0 million non-cash charge to reduce our PVT150™ inventory to net realizable value. This charge was recognized as a result of changes in the overall market for equipment for 150 mm SiC wafers.
- Our gross profit margin percentage improved due to improvements in contract mix but was offset by the inventory charge.
- The Company recognized a $0.6 million gain on the sale of equipment by its MesoScribe subsidiary.
- MesoScribe fulfilled its final orders of $0.7 million during the quarter and ceased operations as of September 30, 2024.
- Operating income of $77,000 as compared to an operating loss of $1.0 million in the prior year third quarter.
- Net income of $0.2 million or $0.03 per basic and diluted share, compared to a net loss of $0.8 million or $0.30 per basic and diluted share during the prior year third quarter.
- Cash and cash equivalents as of September 30, 2024 of $10.0 million as compared to $14.0 million as of December 31, 2024.
Third Quarter 2024 Operational Performance
- Orders for the third quarter were $4.1 million principally from our CVD Equipment segment as compared to $4.1 million in the prior year third quarter. Orders for the first nine months of 2024 were $21.0 million as compared to $19.9 million for the first nine months of 2023.
- We continue to make investments in both research and development and sales and marketing, focused on our three key strategic markets – aerospace & defense, high power electronics and EV battery materials / energy storage.
Original – CVD Equipment
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Toshiba Electronics Europe GmbH has developed new 1200V silicon carbide (SiC) MOSFETs with low on-resistance (RDS(ON)) and high levels of reliability. The devices are particularly suited to applications within automotive traction inverters. They are now available and shipping as early test samples in bare die format – allowing customers to customise them to meet the needs of their applications.
The new X5M007E120 uses a manufacturing process that reduces on-resistance per unit area by up to 30%. Unlike existing methods that utilise a striped-pattern construction, the new devices arrange the embedded Schottky barrier diodes (SBDs) in a check-pattern to achieve lower on-resistance.
Many SiC MOSFETs increase on-resistance as body diodes are energised during reverse conduction, which can lead to reliability issues. Toshiba SiC MOSFETs alleviate this issue by preventing body diodes from operating as SBDs are embedded into the MOSFETs. This approach maintains the reduction in on-resistance while ensuring reliability during reverse conduction.
With electric motors consuming over 40% of the world’s electrical energy, efficient operation is essential to sustainability. The re-arrangement of SBDs in this device has suppressed body diode energisation, and the upper limit of unipolar operation has increased to around double without increasing the SBD mounting area. Additionally, channel density is improved. These enhancements contribute to energy efficiency in applications, including motor control inverters.
Reducing RDS(ON) within a SiC MOSFET can cause excess current flow during short-circuit operations. By adopting a deep barrier structure, the X5M007E120 reduces excessive current within the MOSFET section and leakage current in the SBDs section during short-circuit operation. This enables durability during short-circuit conditions while maintaining high levels of reliability against reverse conduction operation.
The new X5M007E120 has a VDSS of 1200V and is rated for a drain current (ID) of 229A continuously, with 458A for pulsed operation (ID Pulse). RDS(ON) is as low as 7.2mΩ, and the device can operate with channel temperatures (Tch) as high as 175°C. The devices are AEC-Q100 qualified for automotive applications.
Engineering samples of the new X5M007E120 are expected to ship during 2025, with mass production samples scheduled to start in 2026.
Toshiba will continue to seek ways to further improve the characteristics of its products. The company will contribute to realising a decarbonised society by providing customers with power semiconductors for applications where energy efficiency is essential, such as inverters for motor control and power control systems for electrical vehicles.
Original – Toshiba
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Mitsubishi Electric Corporation announced that it will begin shipping samples of a silicon carbide (SiC) metal-oxide-semiconductor field-effect transistor (MOSFET) bare die for use in drive-motor inverters of electric vehicles (EVs), plug-in hybrid vehicles (PHEVs) and other electric vehicles (xEVs) on November 14.
Mitsubishi Electric’s first standard-specification SiC-MOSFET power semiconductor chip will enable the company to respond to the diversification of inverters for xEVs and contribute to the growing popularity of these vehicles. The new SiC-MOSFET bare die for xEVs combines a proprietary chip structure and manufacturing technologies to contribute to decarbonization by enhancing inverter performance, extending driving range and improving energy efficiency in xEVs.
Mitsubishi Electric’s new power semiconductor chip is a proprietary trench SiC-MOSFET that reduces power loss by about 50% compared to conventional planar SiC-MOSFETs. Thanks to proprietary manufacturing technologies, such as a gate oxide film process that suppresses fluctuations in power loss and on-resistance, the new chip achieves long-term stability to contribute to inverter durability and xEV performance.
Original – Mitsubishi Electric
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Littelfuse, Inc. announced the release of the IXTN400N20X4 and IXTN500N20X4 Ultra Junction X4-Class Power MOSFETs.
The new devices expand upon the current 200 V X4-Class Ultra Junction MOSFETs, featuring some of the lowest on-state resistances available. The high current ratings of these MOSFETs allow designers to replace multiple low-current rated devices connected in parallel, streamlining the design process and enhancing both reliability and power density in applications. Additionally, the screw-mounted terminals of the SOT-227B package enable rugged and stable mounting.
These new 200 V MOSFETs deliver the lowest on-state resistances, enhancing and complementing the existing Littelfuse X4-Class Ultra Junction family portfolio. Compared to the existing state-of-the-art X4-Class MOSFET solutions, these MOSFETs offer up to ~2x higher current ratings and RDS(on) values up to ~63% lower.
The new MOSFETs are ideal for a range of low-voltage power applications where minimizing on-state losses is essential, including:
- Battery Energy Storage Systems (BESS),
- Battery chargers,
- Battery formation,
- DC/battery load switch, and
- Power supplies.
“The new devices will allow designers to replace multiple low-current rated devices, connected in parallel, with a single device solution,” said Sachin Shridhar Paradkar, Global Product Marketing Engineer at Littelfuse. “This unique solution simplifies gate driver design, improves reliability, improves power density and PCB space utilization.”
The Ultra Junction X4-Class Power MOSFET offers the following key performance benefits:
- Low conduction losses
- Minimized parallel connection effort
- Simplified driver design with minimal driver losses
- Simplified thermal design
- Increased power density
A MOSFET with low on-state resistance (RDS(on)) is the ideal choice in applications where minimal on-state losses are crucial. It significantly reduces the power dissipation during operation, leading to lower conduction losses, higher efficiency, and less heat generation. This makes it perfect for power-sensitive applications such as power supplies, motor drivers, and battery-operated devices where maintaining high efficiency and thermal management is crucial.
Performance Specifications
Performance Specs IXTN500N20X4 IXTN400N20X4 Package Aluminum-nitride ceramic-based isolated SOT-227B On-state resistance RDS(on) = 1.99 mΩ @ Tvj = 25°C RDS(on) = 3 mΩ @ Tvj = 25°C High nominal current rating 500 A @ TC = 25°C 340 A @ TC = 25°C Gate charge Qg = 535 nC Qg = 348 nC Thermal resistance RthJC = 0.13 K/W RthJC = 0.18 K/W Original – Littelfuse
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Nexperia introduced a new series of high-performance gate driver ICs designed for driving both high-side and low-side N-channel MOSFETs in a synchronous buck or half-bridge configuration. These devices deliver high current output and excellent dynamic performance, boosting efficiency and robustness in applications.
The automotive-qualified NGD4300-Q100 is ideal for electronic power steering and power converters, while the NGD4300 has been designed for use with DC-DC converters in consumer devices, servers and telecommunications equipment as well as for micro-inverters used in various industrial applications.
The floating high-side driver in these ICs can operate from bus voltages up to 120 V and use a bootstrap supply with an integrated diode, features which simplify overall system design and help to reduce PCB size. They can deliver up to 4 A (peak) source and 5 A of sink current to guarantee short rise and fall times even for heavy loads.
The gate driver has a low 13 ns delay and offers excellent channel-to-channel delay matching of only 1 ns. These delays are significantly lower than for similar competing gate drivers and help to minimize dead-time by maximizing switching duty-cycle. 4 ns rise and 3.5 ns (typical) fall times help to deliver higher efficiency and support high frequency and fast system control. These gate drivers accept input control signals complying with both TTL and CMOS logic levels.
“These devices are the first in our new portfolio of high-performance half-bridge gate drivers” according to Irene Deng, general manager of the IC solutions business group at Nexperia. “This release demonstrates how Nexperia is using process innovation to respond to the burgeoning demand for robust gate drivers that can increase power converter efficiency while also delivering smoother motor control in consumer, industrial and automotive applications.”
For superior robustness in power conversion and motor driving applications, these ICs are fabricated using a silicon-on-insulator (SOI) process. This allows the negative voltage tolerance of the HS pin to extend to -5 V, significantly reducing the risk of damage caused by system parasitic component and unexpected spikes. The NGD4300 and NGD4300-Q100 are available in a choice of DFN-8, SO-8 and HSO-8 packages to offer engineers the flexibility to trade-off between device size and thermal performance, depending on application requirements.
Original – Nexperia
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Infineon Technologies AG is reporting results for the fourth quarter and the full fiscal year, both of which ended on 30 September 2024.
“Infineon has managed the 2024 fiscal year well and concluded it in line with expectations,” says Jochen Hanebeck, CEO of Infineon. “Currently, there is hardly any growth momentum in our end markets except from AI, the cyclical recovery is being delayed. The inventory correction is continuing. Short-term ordering patterns and inventory digestion are clouding visibility on demand trends beyond the next couple of quarters. We are therefore preparing for a muted business trajectory in 2025. At the same time, we are relying on the consistent implementation of the structural measures in our “Step Up” program to strengthen our competitiveness. In combination with our innovative power, we are addressing our structural growth drivers and putting ourselves in the best position for a coming upturn.”
- Q4 FY 2024: Revenue €3.919 billion, Segment Result €832 million, Segment Result Margin 21.2 percent
- FY 2024: Revenue €14.955 billion, down 8 percent on the prior year; Segment Result €3.105 billion; Segment Result Margin 20.8 percent; adjusted earnings per share €1.87; Free Cash Flow €23 million, adjusted Free Cash Flow €1.690 billion
- Dividend proposal for FY 2024: Dividend unchanged at €0.35 per share
- Outlook for Q1 FY 2025: Based on an assumed exchange rate of US$1.10 to the euro, revenue of around €3.2 billion expected. On this basis, Segment Result Margin forecast to be in the mid-teens percentage range
- Outlook for FY 2025: Based on an assumed exchange rate of US$1.10 to the euro, revenue is expected to slightly decline compared with previous year. The adjusted gross margin should be around 40 percent and the Segment Result Margin in the mid-to-high-teens percentage range. Investments of approximately €2.5 billion planned. Free Cash Flow adjusted for investments in frontend buildings should be around €1.7 billion and reported Free Cash Flow around €900 million
For the full version of this news release (incl. financial data), please download the PDF version.
Original – Infineon Technologies
