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Littelfuse, Inc. reported financial results for the third quarter ended September 28, 2024:
- Net sales of $567 million were down 7% versus the prior year period and organically
- GAAP diluted EPS was $2.32 and adjusted diluted EPS was $2.71
- Cash flow from operations was $80 million and free cash flow was $65 million
“In the third quarter, our global teams delivered strong execution and drove sales and earnings above our expectations,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “While we see soft end market conditions extending into the fourth quarter, we remain focused on driving operational excellence while serving our global customer base and delivering meaningful new business wins. Our proven growth strategy, diversification efforts and strong technology capabilities position us to deliver top tier long-term stakeholder value.”
Based on current market conditions, for the fourth quarter the company expects Net sales in the range of $510 – $540 million, adjusted diluted EPS in the range of $1.90 – $2.10 and an adjusted effective tax rate of approximately 14%.
Original – Littelfuse
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After announcing the world’s first 300-millimeter gallium nitride (GaN) power wafer and opening the world’s largest 200-millimeter silicon carbide (SiC) power fab in Kulim, Malaysia, Infineon Technologies AG has unveiled the next milestone in semiconductor manufacturing technology.
Infineon has reached a breakthrough in handling and processing the thinnest silicon power wafers ever manufactured, with a thickness of only 20 micrometers and a diameter of 300 millimeters, in a high-scale semiconductor fab. The ultra-thin silicon wafers are only a quarter as thick as a human hair and half as thick as current state-of-the-art wafers of 40-60 micrometers.
“The world’s thinnest silicon wafer is proof of our dedication to deliver outstanding customer value by pushing the technical boundaries of power semiconductor technology,” said Jochen Hanebeck, CEO at Infineon Technologies. “Infineon’s breakthrough in ultra-thin wafer technology marks a significant step forward in energy-efficient power solutions and helps us leverage the full potential of the global trends decarbonization and digitalization. With this technological masterpiece, we are solidifying our position as the industry’s innovation leader by mastering all three relevant semiconductor materials: Si, SiC and GaN.”
This innovation will significantly help increase energy efficiency, power density and reliability in power conversion solutions for applications in AI data centers as well as consumer, motor control and computing applications. Halving the thickness of a wafer reduces the wafer’s substrate resistance by 50 percent, reducing power loss by more than 15 percent in power systems, compared to solutions based on conventional silicon wafers.
For high-end AI server applications, where growing energy demand is driven by higher current levels, this is particularly important in power conversion: Here voltages have to be reduced from 230 V to a processor voltage below 1.8 V. The ultra-thin wafer technology boosts the vertical power delivery design, which is based on vertical Trench MOSFET technology and allows a very close connection to the AI chip processor, thus reducing power loss and enhancing overall efficiency.
“The new ultra-thin wafer technology drives our ambition to power different AI server configurations from grid to core in the most energy efficient way,” said Adam White, Division President Power & Sensor Systems at Infineon. “As energy demand for AI data centers is rising significantly, energy efficiency gains more and more importance. For Infineon, this is a fast-growing business opportunity. With mid-double-digit growth rates, we expect our AI business to reach one billion euros within the next two years.”
To overcome the technical hurdles in reducing wafer thickness to the order of 20 micrometers, Infineon engineers had to establish an innovative and unique wafer grinding approach, since the metal stack that holds the chip on the wafer is thicker than 20 micrometers. This significantly influences handling and processing the backside of the thin wafer.
Additionally, technical and production-related challenges like wafer bow and wafer separation have a major impact on the backend assembly processes ensuring the stability and first-class robustness of the wafers. The 20-micrometer thin wafer process builds on Infineon’s existing manufacturing expertise and ensures that the new technology can be seamlessly integrated into existing high-volume Si production lines without incurring additional manufacturing complexity, thus guaranteeing the highest possible yield and supply security.
The technology has been qualified and applied in Infineon’s Integrated Smart Power Stages (DC-DC converter) which have already been delivered to first customers. It underlines the company’s innovation leadership in semiconductor manufacturing as the holder of a strong patent portfolio related to the 20-micrometer wafer technology.
With the current ramp up of the ultra-thin wafer technology Infineon expects a replacement of the existing conventional wafer technology for low voltage power converters within the next three to four years. This breakthrough is bolstering Infineon’s unique position in the market with the broadest product and technology portfolio including silicon, silicon carbide and gallium nitride-based devices which are key enablers of decarbonization and digitalization.
Infineon will present the first ultra-thin silicon wafer publicly at electronica 2024 from 12 to 15 November in Munich (Hall C3, Stand 502).
Original – Infineon Technologies
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onsemi announced its wafer fab in East Fishkill (EFK), New York, has been accredited by the Defense Microelectronics Activity (DMEA) of the U.S. Department of Defense (DoD) as a Category 1A Trusted Supplier. The accreditation enables onsemi to manufacture secure advanced semiconductors for a variety of critical aerospace and defense applications at the site. onsemi’s East Fishkill fab is the only 300 mm power discrete and image sensor fab in the U.S. and the company’s second accredited fab in addition to its Gresham, Oregon site.
“Power and sensing technologies are vital in modern defense systems, providing the reliable energy and data required for robust, intelligent and efficient operations,” said Sudhir Gopalswamy, group president Intelligent Sensing and Analog and Mixed-Signal Groups of onsemi. “With this accreditation, onsemi is now positioned to offer our industry-leading power and sensing technologies through our secure and trusted manufacturing facilities that will enable the DoD to have the reliable and cutting-edge solutions they need.”
Achieving the trusted foundry accreditation is a rigorous process that ensures a supplier meets comprehensive security and operational criteria, including the protection of mission-critical functions for trusted systems and networks. This thorough approach safeguards the integrity and confidentiality of onsemi’s industry-leading intelligent power and sensing technologies. As a trusted supplier, onsemi is able to provide custom-designed, custom-manufactured or tailored power and sensing solutions for specific DoD applications.
Original – onsemi
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At the upcoming electronica trade show in Munich, Infineon Technologies AG will illustrate how its innovative solutions are driving the global trends of decarbonization and digitalization. The company will show how its semiconductors are paving the way to a net-zero economy and to unlocking the full potential of artificial intelligence (AI). From 12 to 15 November at booth 502 in hall C3, Infineon will present highlights from its extensive portfolio and offer the opportunity to talk to its experts.
“Decarbonization and digitalization are the key drivers on the way to a climate-neutral future,” said Andreas Urschitz, Member of the Board and Chief Marketing Officer at Infineon. “Semiconductors contribute in many ways to the green and digital transformation and are at the heart of every connected application. At electronica, we’ll be showcasing how our leading technologies and innovative solutions are helping master the central challenges of our time.”
World’s first 300 mm gallium nitride wafers
Infineon will present its technological breakthrough, the world’s first 300 mm power gallium nitride (GaN) wafer technology, to the general public for the first time. This technological milestone will significantly advance the market for GaN-based power semiconductors. Leveraging 300 mm GaN will strengthen existing solutions and application fields and create new ones, with an increasingly cost-effective value proposition and the ability to address the full range of customer systems.
Shaping the future of mobility
Infineon is focused on the development of innovative solutions that drive the transition to clean, safe and intelligent mobility. Products and solutions on display at electronica include the new AURIX™ TC4x microcontrollers, which support the implementation of future-proof E/E architectures and software-defined vehicles, as well as the main inverter CoolSiC™ Kit, battery management system solutions, on-board chargers with GaN, steer-by-wire system solutions and H 2 sensors for fuel cell applications.
Greener and smarter buildings and homes
Semiconductors play a crucial role in the development of smarter and more sustainable living spaces. Infineon’s advanced technologies based on silicon carbide (SiC) and GaN enable maximum energy efficiency and reliability for energy generation and consumption.
With advanced sensors, power semiconductors, security solutions such as OPTIGA™ Trust and microcontrollers such as PSOC™ Control, Infineon enables the efficient use of green energy while bringing smart automation to modern homes and commercial buildings. The company’s booth will showcase comprehensive system solutions including various solar inverter topologies (micro-inverters and string inverters), as well as demos for optimizing power and boosting heat pump output.
Enabling AI – Efficient, reliable and on the edge
Semiconductors also play a crucial role in unlocking the full potential of AI. Infineon’s solutions make it possible for customers to deploy new AI applications quickly, efficiently and at scale. The company’s broad range of products, software, tools and services enables energy-efficient data centers, smarter devices and optimized AI edge applications. Demos will include high-performance, low-power AI-enabled microcontrollers from the PSOC family, advanced sensors from the XENSIV™ portfolio as well as vertical power module architectures, advanced liquid cooling modules and power supply units for AI data centers.
Visitors who are unable to attend the live show can register here for Infineon’s digital event platform, which will be available 24/7.
More information about Infineon’s show highlights is available at www.infineon.com/electronica.
Original – Infineon Technologies
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Navitas Semiconductor announced it will preview several breakthroughs at electronica 2024 (Hall C 3, booth 129, November 12th– 15th).
Aligned with the mission to ‘Electrify our World™’, the “Planet Navitas” booth invites visitors to discover how next-gen GaN and SiC technology enable the latest solutions for AI data centers, EV transportation, renewable energy, industrial drives, and consumer appliances. Each example highlights end-user benefits such as higher power density, increased efficiency, longer range, faster charging, portability, and grid independence, along with a focus on how low-carbon-footprint GaN and SiC technology can save over 6 Gtons/yr CO2 by 2050.
Major technology updates include the world’s first 8.5 kW power supply for AI and hyperscale data centers, using high-power GaNSafe power ICs and Gen-3 Fast SiC MOSFETs.
Enabled by over 20 years of SiC innovation leadership, GeneSiC technology offers world leading performance over temperature to provide cool-running, fast-switching SiC MOSFETs to support up to 3x more powerful AI data centers and faster charging EVs.
The Gen-3 Fast GeneSiC MOSFETs are developed using a proprietary ‘trench-assisted planar’ technology offering leading performance, while also providing superior robustness, manufacturability and cost than competition. Gen-3 Fast MOSFETs deliver high-efficiency with high-speed performance, enabling up to 25°C lower case temperature, and up to 3x longer life than SiC products from other vendors.
Also on display will be the company’s latest development of GaNSense™ Motor Drives ICs for home appliance and industrial, 650V bi-directional GaN demonstrator for next generation, highest efficiency and power density solutions, as well as newly released SiCPAK™ modules for high-power markets such as power grid, renewables, EV charging, and UPS.
In addition to the exhibition, the company’s Llew Vaughan-Edmunds will take part in the EETimes panel debate ‘SiC & GaN Technologies – Exploring Advancements, Addressing Challenges’ (November 12th, 2:20 pm local time). This debate will examine both recent and upcoming advances that will increase wide bandgap technologies’ share of the legacy silicon power IC market, which has been valued at $22bn/yr. The analyst house Yole Group predicts GaN and SiC products will make up 30% share of the power semi market by 2027.
electronica 2024 takes place at Trade Fair Center Messe München, Am Messesee 2, 81829 Munich, from November 12th – 15th. “Planet Navitas” is featured in Hall C3, booth #129.
Original – Navitas Semiconductor
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onsemi announced results for the third quarter of 2024 with the following highlights:
- Revenue of $1,761.9 million
- GAAP gross margin and non-GAAP gross margin of 45.4% and 45.5%, respectively
- GAAP operating margin and non-GAAP operating margin of 25.3% and 28.2%, respectively
- GAAP diluted earnings per share and non-GAAP diluted earnings per share of $0.93 and $0.99, respectively
- Returned 75% of free cash flow over the last 12 months to shareholders through stock repurchases
“With third-quarter results above expectations, we remain focused on delivering consistent results in the current environment through execution and prudent financial management,” said Hassane El-Khoury, president and CEO, onsemi.
“As power demands continue to rise across our key markets, and the need for greater efficiency becomes paramount, we are investing to win across the entire power spectrum to ensure that onsemi is best positioned to gain share in automotive, industrial and AI data center.”
Original – onsemi
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Texas Instruments (TI) announced it has begun production of gallium nitride (GaN)-based power semiconductors at its factory in Aizu, Japan. Coupled with its existing GaN manufacturing in Dallas, Texas, TI will now internally manufacture four times more GaN-based power semiconductors, as Aizu ramps to production.
“Building on more than a decade of expertise in GaN chip design and manufacturing, we have successfully qualified our 200mm GaN technology – the most scalable and cost-competitive way to manufacture GaN today – to start mass production in Aizu,” said Mohammad Yunus, TI’s senior vice president of Technology and Manufacturing. “This milestone enables us to manufacture more of our GaN chips internally as we grow our internal manufacturing to more than 95% by 2030, while also sourcing from multiple TI locations, ensuring a reliable supply of our entire GaN portfolio of high-power, energy-efficient semiconductors.”
An alternative to silicon, GaN is a semiconductor material that offers benefits in energy-efficiency, switching speed, power solution size and weight, overall system cost, and performance under high temperatures and high-voltage conditions. GaN chips provide more power density, or power in smaller spaces, enabling applications such as power adapters for laptops and mobile phones, or smaller, more energy-efficient motors for heating and air conditioning systems and home appliances.
Today, TI offers the widest portfolio of integrated GaN-based power semiconductors, ranging from low- to high-voltage, to enable the most energy-efficient, reliable and power-dense electronics.
“With GaN, TI can deliver more power, more efficiently in a compact space, which is the primary market need driving innovation for many of our customers,” said Kannan Soundarapandian, vice president of High-Voltage Power at TI. “As designers of systems such as server power, solar energy generation and AC/DC adapters face challenges to reduce power consumption and enhance energy efficiency, they are increasingly demanding a reliable supply of TI’s high-performance GaN-based chips. TI’s product portfolio of integrated GaN power stages enables customers to achieve higher power density, improved ease of use and lower system cost.”
Further, with the company’s proprietary GaN-on-silicon process, more than 80 million hours of reliability testing, and integrated protection features, TI GaN chips are designed to keep high-voltage systems safe.
Using the most advanced equipment available for GaN chip manufacturing today, TI’s new capacity enables increased product performance and manufacturing process efficiency, as well as a cost advantage. Also, the more advanced, efficient tools used in TI’s expanded GaN manufacturing can produce smaller chips, packing even more power. This design innovation can be manufactured using less water, energy and raw materials, and end products that use GaN chips enjoy these same environmental benefits.
The performance benefits of TI’s added GaN manufacturing also enable the company to scale its GaN chips to higher voltages, starting with 900V and increasing to higher voltages over time, furthering power-efficiency and size innovations for applications like robotics, renewable energy and server power supplies.
In addition, TI’s expanded investment includes a successful pilot earlier this year for development of GaN manufacturing processes on 300mm wafers. Further, TI’s expanded GaN manufacturing processes are fully transferable to 300mm technology, positioning the company to readily scale to customer needs and move to 300mm in the future.
Expanding supply and innovation in GaN technology is the latest example of TI’s commitment to responsible, sustainable manufacturing. TI has committed to use 100% renewable electricity in its U.S. operations by 2027, and worldwide by 2030.
Original – Texas Instruments
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As expected, the business performance of Siltronic AG in Q3 2024 was characterized by subdued demand from the semiconductor industry.
“In a persistently challenging market environment, we have delivered solid quarterly results. Consequently, we can confirm our guidance for the full year 2024. However, it remains uncertain when chip manufacturers’ inventories will return to normal levels,” commented Dr. Michael Heckmeier, CEO of Siltronic AG on the developments.
Siltronic generated sales of EUR 357.3 million in Q3 2024, an increase of 1.7 percent compared to the previous quarter (Q2 2024: EUR 351.3 million). This is due to an increase in wafer area sold, which was partially offset by opposing product mix effects. After nine months, the company reported sales of EUR 1,052.2 million, a decrease of 9.1 percent year-on-year (Q1-Q3 2023: EUR 1,157.2 million). This was mainly due to the lower wafer area sold. In addition, product mix-, price- and FX effects also had a slightly negative impact.
Cost of sales increased by 2.6 percent in Q3 2024 compared to the previous quarter, mainly due to higher wafer area sold and a moderate increase in depreciation. For the first nine months of 2024, cost of sales decreased by 2.5 percent compared to the same period in 2023. The disproportionate decline compared to sales is primarily due to a reduced dilution of fixed costs and higher depreciation.
As a result, the gross profit fell by EUR 1.4 million compared to the previous quarter and from January to September 2024 by EUR 83.1 million compared to the previous year. The gross margin fell from 25.3 percent to 20.0 percent year-on-year.
EBITDA in Q3 was EUR 89.4 million and thus on the level of the previous quarter (Q2 2024: EUR 90.6 million). The EBITDA margin remained at a solid level of 25.0 percent (Q2 2024: 25.8 percent). After nine months, Siltronic reported an EBITDA of EUR 270.7 million (Q1-Q3 2023: EUR 342.8 million) and an EBITDA margin of 25.7 percent (Q1-Q3 2023: 29.6 percent).
Due to the lower EBITDA and higher depreciation, EBIT amounted to EUR 28.9 million in Q3 (Q2 2024: EUR 33.0 million) and to EUR 97.8 million after the first nine months (Q1-Q3 2023: EUR 194.5 million). Net profit for the quarter was EUR 18.8 million (Q2 2024: EUR 22.4 million) and earnings per share were EUR 0.60 (Q2 2024: EUR 0.73). Net income for the period from January to September was EUR 68.8 million (Q1-Q3 2023: EUR 169.0 million) and earnings per share of EUR 2.19 after EUR 5.13 in the same period of the previous year.
With an equity ratio of 47.1 percent as of September 30, 2024 (December 31, 2023: 46.6 percent), Siltronic continues to maintain a good balance sheet quality. Loan liabilities increased mainly due to the partial draw of a loan. Additionally a promissory note loan was successfully placed in September and paid out in early October. At roughly EUR 370 million, the original issue volume was significantly exceeded.
“We are pleased with the high level of interest in this transaction. The strong demand is a demonstration of the promissory note loan investors’ trust in the company,” adds Claudia Schmitt, CFO of Siltronic AG.
Cash flow from operating activities for the period January to September 2024 decreased by EUR 83.3 million compared to the previous year. This was mainly due to the lower EBITDA and the change in prepayments. In the same period of the previous year, there was a significant net inflow, while in the first nine months of the financial year there was a net outflow of prepayments.
Despite a noticable reduction in capex during the year, cash outflows for capex remained at a high level of EUR 565.1 million, mainly due to the construction of the new 300 mm fab in Singapore. Accordingly, net cash flow, which excludes cash inflows and outflows from prepayments, was negative as expected at EUR -317.7 million (Q1-Q3 2023: EUR -631.3 million).
As a result, cash and cash equivalents and financial investments decreased by EUR 168.4 million to EUR 290.7 million in the first nine months of 2024. Siltronic thus reported net financial debt of EUR 739.1 million at the end of September 2024.
As already communicated in the half-year report 2024, Siltronic AG’s Executive Board expects sales to be in the high single-digit percentage range below the previous year. This is primarily due to the lower wafer area sold, as well as each slightly negative FX rate (EUR/USD 1.10), price- and product mix effects.
The customer qualifications that are decisive for the start of depreciation of the new fab in Singapore have been delayed from the fourth quarter of 2024 into next year. As a result, depreciation of the new fab and other ramp costs that impact earnings will occur over the course of 2025. Accordingly, the full-year EBITDA margin guidance is adjusted to 24 to 26 percent. Depreciation and amortization for 2024 will therefore be lower and is expected to be between EUR 230 million and EUR 250 million. Capex including intangible assets remains unchanged and will be in the range of EUR 500 million to EUR 530 million.
Despite the challenging market environment, the company anticipates a significant growth potential in the medium and long term. Key drivers of this growth are megatrends such as Artificial Intelligence, Digitization, and Electromobility. With its investments in expanding production capacity and improving the product mix, Siltronic is well-positioned to profitably support this growth.
Original – Siltronic
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Many industrial applications today are transitioning to higher power levels with minimized power losses, which can be achieved through increased DC link voltage. Infineon Technologies AG addresses this challenge by introducing the CoolSiC™ Schottky diode 2000 V G5, the first discrete silicon carbide diode on the market with a breakdown voltage of 2000 V. The product family is suitable for applications with DC link voltages up to 1500 VDC and offers current ratings from 10 to 80 A. This makes it ideal for higher DC link voltage applications such as in solar and EV charging applications.
The product family comes in a TO-247PLUS-4-HCC package, with 14 mm creepage and 5.4 mm clearance distance. This, together with a current rating of up to 80 A, enables a significantly higher power density. It allows developers to achieve higher power levels in their applications with only half the component count of 1200 V solutions. This simplifies the overall design and enables a smooth transition from multi-level topologies to 2-level topologies.
In addition, the CoolSiC Schottky diode 2000V G5 utilizes the .XT interconnection technology that leads to significantly lower thermal resistance and impedance, enabling better heat management. Furthermore, the robustness against humidity has been demonstrated in HV-H3TRB reliability tests. The diodes exhibit neither reverse recovery current nor forward recovery and feature a low forward voltage, ensuring enhanced system performance.
The 2000 V diode family is a perfect match for the CoolSiC MOSFETs 2000 V in the TO-247Plus-4 HCC package that Infineon introduced in spring 2024. The CoolSiC diodes 2000 V portfolio will be extended by offering them in the TO-247-2 package, which will be available in December 2024. A matching gate driver portfolio is also available for the CoolSiC MOSFETs 2000 V.
Original – Infineon Technologies
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Alpha and Omega Semiconductor Limited (AOS) will exhibit and demonstrate the capabilities of its expanding line of breakthrough application-specific power semiconductor, power IC and module solutions at electronica 2024. Designed to meet the dynamic, important power management challenges in several key application areas and markets, the AOS products highlighted at electronica will include:
- Automotive and Industrial: AOS Gen2 SiC MOSFETs support the needs of a wide array of automotive and industrial applications with its latest advanced packages. AOS offers two AEC-Q101 automotive-qualified surface mount options for extreme power density, including a standard D2PAK-7L and the GTPAK™ with surface mount topside cooling featuring a Kelvin source for the highest efficiency. AOS has several SiC modules that meet higher power charging stations and industrial solar inverter design requirements. Also displayed will be AOS’ comprehensive line 10mOhm-500mOhm, 650V-1700V SiC MOSFETs.
- New Motor Drive ICs: AOS will announce a new range of 60V and 100V driver ICs for power tools, outdoor garden equipment, and e-mobility applications, including a 100V half-bridge driver IC, a 100V 3-phase driver IC, and a 60V 3-phase driver IC. These products all support 100 percent duty cycle operation, and demo boards using AOS motor driver IC and AlphaSGT™ MOSFETs (30V−150V) will be featured.
- Power Supply and Renewable Energy: A significant solution in AOS’ growing High-Voltage Super Junction MOSFET portfolio is its industry-leading optimized αMOS5™ 600V to 700V Super Junction MOSFETs, which helps designers achieve efficiency and density goals while satisfying budget goals. Featuring fast switching, a robust UIS/body diode, and ease of use, these state-of-the-art MOSFETs meet the latest server, telecom rectifier, solar inverter, EV charger, gaming, PC, and universal charging/PD design requirements.
- Innovative Packaging: AOS’ highly efficient 25V−150V MOSFETs are available in advanced packaging, including a double-sided cooling DFN 5×6 that delivers industry-leading thermal resistance. Also available is the newly-released LFPAK 5×6 package, which features gull-wing leads for enhanced board reliability and larger copper clips that significantly improve current carrying capability.
- Automotive and E-mobility: In AOS’ increasing line of automotive MOSFETs, the new automotive-grade 80V (AOTL66810Q) and 100V (AOTL66912Q) MOSFETs in the TOLL package are designed to achieve the highest current capability. The AOS TOLL package utilizes advanced clip technology to achieve a high in-rush current rating and very low package resistance and inductance, enabling improved EMI performance compared to other TOLL packages based on standard wire-bonding technology packages. These new automotive-grade MOSFETs help designers meet the power requirements in electric vehicles, battery management systems (BMS), and high-performance inverters (BLDC motors) for e-mobility.
- Intelligent Power Modules, Mega IPM7: AOS has integrated its latest RC IGBT and high-voltage gate driver into the world’s most compact package design, delivering mega power of up to 100W in motor control applications. The portfolio covers 600V / (1A−3A) in various package options (Mega IPM-7D, IPM-7DT, IPM-7E) that are ideal solutions for various design requirements.
Original – Alpha and Omega Semiconductor
