As per the agreement, Wolfspeed will supply high-quality 150mm silicon carbide bare and epitaxial wafers to Renesas, accelerating Renesas' silicon carbide power semiconductors' production that will begin in 2025.

"With the steepening demand for silicon carbide across the automotive, industrial and energy sectors, it's critically important we have best-in-class power semiconductor customers like Renesas to help lead the global transition from silicon to silicon carbide. For more than 35 years, Wolfspeed has focused on producing silicon carbide wafers and high-quality power devices, and this relationship marks an important step in our mission to save the world energy," said Gregg Lowe, President and CEO. 

Last month, Wolfspeed received $1.25 billion in secured note financing from an investment group led by Apollo Global Management Inc (NYSE:APO).