Cree, Inc. (Nasdaq: CREE) today announced that Wolfspeed is the new name for the Power and RF division of Cree. The company announced in May that it would separate the business into a standalone company.
Founded upon the mission to liberate power and wireless systems from the limitations of silicon, Wolfspeed enters the marketplace as a well-established, entrepreneurial growth company with a focused team, a profitable business and more than 28 years of industry-leading wide bandgap semiconductor technology and experience.
The new name combines important elements of Cree’s culture and expertise and allows the Power and RF division to build brand equity while operating as a separate business. As a Cree Company, Wolfspeed will leverage Cree’s industry-leading brand, global footprint, scale and expertise to ensure a smooth transition for customers.
Wolfspeed acknowledges Cree’s inception at North Carolina State University and invokes the values that are integral to Cree, including intelligence, teamwork, endurance and the relentless pursuit of innovation. The name also highlights speed, which is both a differentiating attribute of Cree’s technologies and a promise to its customers and partners, who can expect the new company to set an industry standard for innovation, agility and responsiveness.
“Today, Wolfspeed is providing our customers and our team with a first look at our new company’s name, brand identity and purpose in advance of our IPO, which we plan to execute during fiscal year 2016,” said Frank Plastina, executive vice president, Wolfspeed. “We’re building something new on the firm foundation that is Cree,” Plastina added, “and we want to share our vision, plans and enthusiasm with all of our stakeholders as we move seamlessly through the transition.”
As the only player in the industry with a fully commercialized, broad portfolio of the most field-tested SiC and GaN power and wireless technologies and products on the market, Wolfspeed will power its customers’ innovations, enabling higher power density, higher switching frequencies and reduced system size and weight. These advantages lead to smaller systems, lower system costs and improved performance, and will ultimately lead to more powerful applications in the transportation, industrial and electronics, energy, and communications markets, helping Wolfspeed achieve its vision of becoming the world’s leading wide bandgap semiconductor electronics company.