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Cambridge GaN Devices (CGD) has successfully closed a $32 million Series C funding round. The investment was led by a strategic investor with participation from British Patient Capital and supported by existing investors Parkwalk, BGF, Cambridge Innovation Capital (CIC), Foresight Group, and IQ Capital.
Transforming Power Electronics with GaN
Gallium nitride-based devices represent a breakthrough in power electronics, offering faster switching speeds, lower energy consumption, and more compact designs than traditional silicon-based solutions. CGD’s proprietary monolithic ICeGaN® technology, which simplifies the implementation of GaN into existing and progressive designs, delivers efficiency levels exceeding 99%, enabling energy savings of up to 50% in a wide range of high-power applications including electric vehicles and data centre power supplies. These innovations have the potential to save millions of tons of CO2 emissions annually, accelerating the global transition to more sustainable energy systems due to the inherent ease-of-use that ICeGaN® technology provides to its customers.Dr. Giorgia Longobardi, CEO and Founder of CGD, said: “This funding round marks a pivotal moment for CGD. It validates our technology and vision to revolutionize the power electronics industry with our efficient GaN solutions and make sustainable power electronics possible. We’re now poised to accelerate our growth and make a significant impact in reducing energy consumption across multiple sectors. We look forward to collaborating with our strategic investor to penetrate the automotive market”.
Market Opportunity and Proven Success
The global GaN power device market is projected to grow at a remarkable CAGR of 41%, reaching $2 billion by 20291. At the same time, ICeGaN® is being seen as a viable alternative to existing solutions using Silicon Carbide (SiC), combining high energy-efficiency, miniaturization, and monolithically integrated smart functionalities. This will enable Cambridge GaN Devices to have access to a high power market estimated to be in excess of $10 billion by 20291. With its cutting-edge technology and market leadership position, CGD is well positioned to capitalize on this rapid market expansion. Having successfully secured industry-leading customers in their pipeline, CGD has consistently demonstrated its ability to deliver reliable and impactful solutions, enabling innovation in the sector.Henryk Dabrowski, SVP of Sales at CGD, said: “I’m thrilled to see this funding helping to deliver on customer deals we’ve already closed for CGD’s latest-generation P2 products. This investment will significantly boost our ability to meet the growing demand for our reliable and easy-to-use GaN solutions.”
Global Expansion and Vision for the Future
With a global team of experts, decades of research, and a commitment to pushing the boundaries of GaN technology, CGD continues to deliver solutions that enhance everyday electronics. As the world advances toward electrification and sustainability, CGD’s leadership in GaN technology offers a pathway to reduce energy consumption, lower costs, and mitigate environmental impact. By enabling efficient, compact, and high-performance power devices, CGD is setting a new standard for sustainable power electronics.The funding will enable the company to expand its operations in Cambridge, North America, Taiwan and Europe, and deliver CGD’s unique value proposition to its growing customer base. This significant investment will fuel CGD’s growth strategy, focusing on the continued delivery of highly efficient GaN products to high-power industrial, data centre, and automotive markets. John Pearson, Chief Investment Officer at Parkwalk Advisors, said: “CGD is at the forefront of technology that can reduce the energy demands of booming industries, like Artificial Intelligence and Electric Mobility. It has enormous global potential and widespread applications which will see CGD continue to innovate and grow. We are proud to have backed CGD since 2019 and are excited to be working with an exceptional team and cohort of other investors to accelerate its global expansion.”
George Mills, Director – Deeptech, Direct & Co-Investments, British Patient Capital, said: “Following years of research, Cambridge GaN Devices have proven the impact of their semiconductor technology. Their GaN devices consume less energy than their silicon-based counterparts, which both reduces costs and has a positive environmental impact. It’s valuable technology that now needs long-term capital to scale.”
Original – Cambridge GaN Devices
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TekSiC introduced the Xforge™ PVT, a groundbreaking high-temperature Induction Heating Furnace crafted to meet the rigorous demands of semiconductor industries and research institutes. With its state-of-the-art design and exceptional performance, the Xforge™ PVT revolutionizes PVT process development and operation. It offers versatile configurations, ensuring peak performance across diverse specialized applications.
Xforge™ PVT is a member of TekSiC’s Xforge™ platform. The journey to creating the Xforge™ began with a bold vision: to design a furnace that delivers exceptional heating capabilities while maintaining flexibility for a variety of high-temperature applications. TekSiC’s engineers faced the challenge of balancing size, power, and modularity. Through extensive research and testing, they developed a compact, highly efficient furnace that ensures consistent and precise heating for a diverse range of materials and processes.
“The Xforge™ PVT is a pivotal advancement in our company’s journey,” says Joachim Tollstoy, CEO of TekSiC. “It reflects our commitment to innovation and is designed to adapt to the specialized needs of semiconductor industries and research institutes. We built it to deliver exceptional performance with a modular design that allows for tailored solutions to meet each customer’s requirements. We are excited to use the Xforge™ PVT daily in our own SiC growth program!”
Key Features of the Xforge™
- Compact, Modular Design: The Xforge™ PVT is designed with a compact, modular architecture that allows for easy customization, enabling users to adjust the furnace’s features to suit their specific PVT application. This flexibility guarantees optimal performance and efficiency, eliminating the need for bulky, one-size-fits-all solutions.
The small footprint and excellent stack ability of the Xforge™ PVT significantly pushes the number of furnaces that can fit into your production facility. - Versatile Usage: Perfectly suited for both industrial and research applications, Xforge™ PVT, is designed for customers engaged in developing growth processes for SiC crystal with up to 200 mm in diameter. It is fully prepared for integration into large-scale SiC production.
- Advanced Process Control: The induction-heated Xforge™ PVT system is equipped with high-quality components to provide precise temperature and pressure control, ensuring outstanding stability during the SiC crystal growth process. With advanced data sensing capabilities, it supports machine learning applications through the latest communication protocols.
- Quality Tested and Field Proven: The Xforge™ PVT has undergone extensive industrial reliability testing at customer sites over several years, proving its durability in extreme high-temperature applications. It is CE-marked, ensuring compliance with strict EU health, safety, and environmental regulations.
- Built in Sweden with Precision Craftsmanship: Designed and manufactured in Linköping, Sweden—a global center for semiconductor research and silicon carbide crystal growth—the Xforge™ PVT leverages TekSiC’s decades of expertise in material science and system engineering. Each unit is crafted with meticulous care, ensuring exceptional quality and reliability.
Original – TekSiC
- Compact, Modular Design: The Xforge™ PVT is designed with a compact, modular architecture that allows for easy customization, enabling users to adjust the furnace’s features to suit their specific PVT application. This flexibility guarantees optimal performance and efficiency, eliminating the need for bulky, one-size-fits-all solutions.
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Veeco Instruments Inc. announced financial results for its fourth quarter and fiscal year ended December 31, 2024. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.
Fourth Quarter 2024 Highlights:
- Revenue of $182.1 million, compared with $173.9 million in the same period last year
- GAAP net income of $15.0 million, or $0.26 per diluted share, compared with $21.6 million, or $0.37 per diluted share in the same period last year
- Non-GAAP net income of $24.2 million, or $0.41 per diluted share, compared with $29.8 million, or $0.51 per diluted share in the same period last year
Fiscal Year 2024 Highlights:
- Revenue of $717.3 million, compared with $666.4 million in the same period last year
- GAAP net income of $73.7 million, or $1.23 per diluted share, compared with GAAP net loss of $30.4 million or $0.56 loss per diluted share in the same period last year
- Non-GAAP net income of $104.3 million, or $1.74 per diluted share, compared with $98.3 million, or $1.69 per diluted share in the same period last year
“Veeco had a successful year in 2024, highlighted by our Semiconductor business outperforming WFE growth for the 4th consecutive year,” commented Bill Miller, Ph.D., Veeco’s Chief Executive Officer. “We achieved several strategic milestones, grew the top-line and delivered solid profitability, all while continuing to allocate capital toward our largest growth opportunities. Looking ahead, our solutions in Laser Annealing, Ion Beam Deposition, and Advanced Packaging are well-positioned to take advantage of growth in leading edge investment in the coming years.”
The following guidance is provided for Veeco’s first quarter 2025:
- Revenue is expected in the range of $155 million to $175 million
- GAAP diluted earnings per share are expected in the range of $0.11 to $0.22
- Non-GAAP diluted earnings per share are expected in the range of $0.26 to $0.36
Original – Veeco Instruments
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In its FY2024 third-quarter consolidated business results, Toshiba Corporation reported a significant turnaround, achieving an operating income of ¥114.3 billion, the highest for the first three quarters since FY2018, when the memory business was excluded from its portfolio. This marks a substantial improvement from the previous year, driven by increased net sales and effective management reforms.
Financial Performance Overview
For the first nine months of FY2024, Toshiba’s net sales experienced a year-over-year (YoY) increase. Despite a sluggish recovery in the semiconductor market leading to decreased sales in that segment, other areas such as Hard Disk Drives (HDDs) and Power Generation Systems performed well. The Building Solutions segment also saw improved operating income due to profitability-focused reforms. These positive outcomes contributed to the overall increase in operating income across all segments.
A notable factor in this financial upturn was the reduction in provisions by ¥50.9 billion YoY, achieved through enhanced risk analysis and management efforts. Net income reached ¥184.8 billion, a significant rise of ¥291.8 billion YoY, bolstered by increased equity earnings from affiliates, particularly due to Kioxia Holdings Corporation’s improved performance.
Segment-Specific Insights
- Semiconductors and Storage: The semiconductor segment faced challenges with decreased sales attributed to a slow market recovery. However, the HDD sector experienced higher sales, contributing positively to the company’s operating income.
- Energy Systems & Solutions: This segment saw an increase in orders, particularly for large-scale projects, leading to a higher order backlog. The positive trend indicates robust demand and a strong market position in energy solutions.
- Infrastructure Systems & Solutions: The segment reported increased orders and a growing order backlog, reflecting successful acquisition of large-scale projects and a solid market presence.
- Building Solutions: Focused reforms aimed at enhancing profitability led to improved operating income in this segment, particularly in the elevator business in Japan.
Strategic Initiatives and Management Reforms
Toshiba’s financial resurgence can be attributed to several strategic initiatives and management reforms:
- Enhanced Risk Management: The company implemented a comprehensive risk analysis framework, resulting in a significant reduction in provisions and contributing to improved financial stability.
- Cost Optimization: Efforts to reduce fixed costs and conduct regular sales price reviews have been instrumental in enhancing profitability across various business segments.
- Focus on Core Competencies: By concentrating resources on high-performing sectors such as energy systems and infrastructure solutions, Toshiba has strengthened its market position and financial performance.
Looking ahead, Toshiba aims to build on its current momentum by continuing to implement management reforms and strategic initiatives. The company is poised to capitalize on growth opportunities in its core business areas while maintaining a strong focus on risk management and operational efficiency.
Toshiba Corporation’s third-quarter results for FY2024 reflect a robust financial recovery, driven by strategic reforms, effective risk management, and a focus on core business strengths. The company’s proactive approach positions it well for sustained growth and profitability in the coming years.
Original – Toshiba
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Navitas Semiconductor is set to unveil a breakthrough in power conversion that will create a paradigm shift across multiple major end markets. These developments include both semiconductor and system innovations which are expected to drive major improvements in energy efficiency & power density and further accelerate the adoption of gallium nitride and silicon carbide technologies to displace silicon.
The live-streamed event will take place on March 12th at 8 am PST and will be re-streamed (in both Chinese and English) at 6 pm PST.
Co-founders, Gene Sheridan (CEO), Dan Kinzer (CTO, COO) and Jason Zhang (VP Engineering) will uncover this next inflection in power conversion, including technology details, specific application examples and describe the expected market impacts & business opportunities from these innovations.
- Register now, 8 am Pacific: https://bit.ly/NavitasLiveEvent-8am-PT
- Register now, 6 pm Pacific: https://bit.ly/NavitasLiveEvent-6pm-PT
Original – Navitas Semiconductor
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Infineon Technologies AG has made significant progress on its 200 mm silicon carbide (SiC) roadmap. The company will already release the first products based on the advanced 200 mm SiC technology to customers in Q1 2025. The products, manufactured in Villach, Austria, provide first-class SiC power technology for high-voltage applications, including renewable energies, trains, and electric vehicles. Additionally, the transition of Infineon’s manufacturing site in Kulim, Malaysia, from 150-millimeter wafers to the larger and more efficient 200-millimeter diameter wafers is fully on track. The newly built Module 3 is poised to commence high-volume production aligned with market demand.
“The implementation of our SiC production is progressing as planned and we are proud of the first product releases to customers,” said Dr. Rutger Wijburg, Chief Operations Officer of Infineon. “By ramping up SiC production in Villach and Kulim in phases, we are improving cost-efficiency and continuing to ensure product quality. At the same time, we are making sure our manufacturing capacities can meet the demand for SiC-based power semiconductors.”
SiC semiconductors have revolutionized high-power applications by switching electricity even more efficiently, demonstrating high reliability and robustness under extreme conditions, and by making even smaller designs possible. Infineon’s SiC products let customers develop energy-efficient solutions for electric vehicles, fast charging stations and trains as well as renewable energy systems and AI data centers.
The release to customers of the first SiC products based on the 200-millimeter wafer technology marks a substantial step forward in Infineon’s SiC roadmap, with a strong focus on providing customers with a comprehensive portfolio of high-performance power semiconductors that promote green energy and contribute to CO 2 reduction.
As “Infineon One Virtual Fab” for highly innovative wide-bandgap (WBG) technologies, Infineon’s production sites in Villach and Kulim share technologies and processes which allow for fast ramping and smooth and highly efficient operations in SiC and gallium nitride (GaN) manufacturing. The 200-millimeter SiC manufacturing activities now add to Infineon’s strong track record of delivering industry-leading semiconductor technology and power system solutions and strengthen the company’s technology leadership across the entire spectrum of power semiconductors, in silicon as well as in SiC and GaN.
Original – Infineon Technologies
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The electronics industry is experiencing a significant shift towards more compact and powerful systems. To support this trend and further drive innovation at the system level, Infineon Technologies AG is expanding its portfolio of discrete CoolSiC™ MOSFETs 650 V with two new product families housed in Q-DPAK and TOLL packages.
These diverse product families, with top- and bottom-side cooling, are based on the CoolSiC™ Generation 2 (G2) technology and offer significantly improved performance, reliability, and ease of use. The product families target high- and medium-power switched-mode power supplies (SMPS) including AI servers, renewable energy, chargers for electric vehicles, e-mobility and humanoid robots, televisions, drives and solid-state circuit breakers.
The TOLL package offers outstanding Thermal Cycling on Board (TCoB) capability, enabling compact system designs by reducing the printed circuit board (PCB) footprint. When used in SMPS, it can also reduce system-level manufacturing costs. The TOLL package now fits an extended list of target applications, enabling PCB designers to further reduce costs and better meet market demands.
The introduction of the Q-DPAK package complements the ongoing development of Infineon’s new family of Topside Cooled (TSC) products, which includes CoolMOS™ 8, CoolSiC™, CoolGaN™ and OptiMOS™. The TSC family enables customers to achieve excellent robustness with maximum power density and system efficiency at low cost. It also enables direct heat dissipation of 95 percent, allowing the use of both sides of the PCB for better space management and reduction of parasitic effects.
The CoolSiC™ MOSFETs 650 V G2 in TOLL are now available in R DS(on) from 10 to 60 mΩ, while the Q-DPAK variant is available in 7, 10, 15 and 20 mΩ.
Original – Infineon Technologies
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GlobalFoundries Inc. (GF) announced preliminary financial results for the fourth quarter and fiscal year ended December 31, 2024.
Key Fourth Quarter Financial Highlights
- Revenue of $1.830 billion
- Gross margin of 24.5% and Non-IFRS gross margin of 25.4%
- Operating margin of (38.3)% and Non-IFRS operating margin of 15.6%
- Net loss of $729 million and Non-IFRS net income of $256 million
- Diluted loss per share of $1.32 and Non-IFRS diluted earnings per share of $0.46
- Non-IFRS adjusted EBITDA of $661 million
- Ending cash, cash equivalents and marketable securities of $4.2 billion
- Net cash provided by operating activities of $457 million and Non-IFRS adjusted free cash flow of $328 million
Key Full Year 2024 Financial Highlights
- Revenue of $6.750 billion
- Gross margin of 24.5% and Non-IFRS gross margin of 25.3%
- Net loss of $262 million and Non-IFRS net income $870 million
- Diluted loss per share of $0.48 and Non-IFRS diluted earnings per share of $1.56
- Non-IFRS adjusted EBITDA of $2.475 billion
- Year to date net cash provided by operating activities of $1.722 billion and Non-IFRS adjusted free cash flow of $1.107 billion
“In the fourth quarter, the GF team delivered solid financial results that exceeded the Non-IFRS midpoint of the guidance ranges we provided in our November earnings release,” said Dr. Thomas Caulfield, President and CEO of GF. “2024 presented a unique set of challenges for our industry, but thanks to our focus on operational excellence, we generated over $1 billion of Non-IFRS adjusted free cash flow. As we look to 2025, we are encouraged by our strong design win momentum across our end markets and product portfolio as we position GF for a growth year.”
In the fourth quarter 2024, GF recorded a $935 million impairment charge on the long-lived assets relating to legacy investments in production capacity at its facility in Malta, New York. GF undertook this action pursuant to the diversification of its long-term manufacturing technology platform roadmap in Malta, which is consistent with the Company’s previously communicated technology transfer strategy needed to meet expected long-term customer demand. Since such impairment is not expected to be a recurring event, the Company believes this additional adjustment to Non-IFRS metrics better enables management and investors to make more meaningful comparisons of fourth quarter 2024 results against prior periods.
Recent Business Highlights
- GF announced a first-of-its-kind center for advanced packaging and test capabilities, to be developed at its Malta, New York facility. Supported by grants from New York State and the U.S. Department of Commerce, GF’s Advanced Packaging and Photonics Center will help meet the growing demand for U.S.-made essential chips used in AI, automotive, aerospace and defense, and communications applications.
- IDEMIA and GF announced a partnership to deliver next-generation smart card technology with improved data retention, low read latency and enhanced power efficiency – saving customers cost and time. This multi-year collaboration will be 100% manufactured and tested in Europe on GF’s 28ESF3 platform, ensuring trusted providence.
- Lightmatter announced that it will use GF’s Fotonix™ fabrication platform to develop the industry’s most robust and scalable AI interconnect solution. By integrating electronics and photonics into a single CMOS wafer, GF’s unique solution will enable the speed and efficiency needed for future AI data centers.
Original – GlobalFoundries
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Axcelis Technologies, Inc. announced financial results for the fourth quarter and full year ended December 31, 2024.
For the full year 2024, the Company reported revenue of $1.02 billion, compared with $1.13 billion for the full year 2023. Systems revenue for the year was $782.6 million, compared to $883.6 million in 2023. Operating profit was $210.8 million in 2024, compared to $265.8 million in 2023. Net income for the year was $201 million with diluted earnings per share of $6.15, compared to net income of $246.3 million and diluted earnings per share of $7.43 in 2023. Gross margin for the year was 44.7%, compared to 43.5% in 2023.
The Company reported fourth quarter revenue of $252.4 million, compared to $256.6 million for the third quarter of 2024. Gross margin for the quarter was 46.0%, compared to 42.9% in the third quarter. Operating profit for the quarter was $54.5 million, compared to $46.9 million for the third quarter. Net income for the quarter was $50 million, or $1.54 per diluted share, compared to $48.6 million, or $1.49 per diluted share in the third quarter.
President and CEO Russell Low commented, “Axcelis exited the year on a strong note, with fourth quarter revenue and profitability exceeding our expectations. As we look ahead to 2025, we anticipate a near term cyclical digestion period, as customers absorb the robust investments they’ve made into mature node capacity over the past few years – particularly in China. We are focused on capturing the long-term growth opportunities that lie ahead by investing in product innovation, managing our costs, and working closely with customers on their technology roadmaps – all of which will put us in an even stronger position for the next upturn.”
Executive Vice President and Chief Financial Officer Jamie Coogan said, “We are pleased with our financial execution in 2024. Despite a decline in revenue, we were able to deliver higher gross margins, generate solid free cash flow, return capital to shareholders via buyback, and exit the year with a stronger balance sheet that allows us to invest during this cyclical digestion period and drive long term value creation.”
For the first quarter ending March 31, 2025, Axcelis expects revenues of approximately $185 million, and earnings per diluted share of approximately $0.38.
Original – Axcelis Technologies
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Efficient Power Conversion Corporation (EPC) announced the release of the 4th edition of its groundbreaking textbook, GaN Power Devices for Efficient Power Conversion.
This latest edition reflects the rapid advancements in GaN technology and its transformative impact across various industries, including renewable energy, electric vehicles, data centers, robotics, and space applications. Co-authored by EPC CEO Dr. Alex Lidow and a team of GaN experts, the textbook remains an indispensable resource for engineers, students, and industry innovators looking to stay at the forefront of power electronics.
What’s New in the 4th Edition
- Expanded coverage on the integration of GaN into new applications such as AI servers, autonomous systems, and eMobility
- Updates on design techniques that maximize GaN’s superior efficiency, power density, and thermal performance
- Comprehensive insights into GaN ICs and their role in simplifying complex designs and improving system reliability
- A dedicated section on the latest advancements in GaN reliability and manufacturability
- Real-world application examples, case studies, and practical design tips for engineers.
“Since its inception, this textbook has guided engineers and innovators adopting GaN,” said Dr. Alex Lidow, CEO and co-author. “The 4th edition deepens understanding of GaN’s capabilities and empowers readers to unlock its full potential.”
This edition underscores EPC’s commitment to educating the power electronics community and supporting the adoption of GaN as the go-to technology for efficient power conversion. The textbook is available for purchase through Wiley.
Availability and Additional Resources
The 4th edition of GaN Power Devices for Efficient Power Conversion is available now. For additional resources, including evaluation boards, design support tools, and application notes, visit epc-co.com.
Original – Efficient Power Conversion
