{"id":2355519,"date":"2024-10-16T08:12:00","date_gmt":"2024-10-16T12:12:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/three-quarters-of-1b-headed-to-north-carolina-manufacturer-washington-examiner\/"},"modified":"2024-10-16T08:14:53","modified_gmt":"2024-10-16T12:14:53","slug":"three-quarters-of-1b-headed-to-north-carolina-manufacturer-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/three-quarters-of-1b-headed-to-north-carolina-manufacturer-washington-examiner\/","title":{"rendered":"Three-quarters of $1B headed to North Carolina manufacturer &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fthree-quarters-of-1b-headed-to-north-carolina-manufacturer-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2355519&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Wolfspeed, a North Carolina-based company specializing in silicon carbide power solutions, has a tentative agreement to secure\u2063 $750 million from the Biden administration as part of a broader initiative to bolster domestic semiconductor\u200c manufacturing. \u2063Despite recent\u200c financial struggles, including a 71%\u200d drop in share prices, Wolfspeed remains a key player in the U.S. semiconductor\u200d market, facing competition from Chinese\u200b companies. The\u200c funding will \u2064help build a new <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/electric-buses-purchased-from-bankrupt-company-no-longer-running\/\" title=\"Bankrupt company&#039;s electric buses no longer in service.\">manufacturing\u200d facility<\/a> in Siler City, contributing to the\u2062 production of semiconductors essential for the future energy economy and AI innovations. Additionally, under the CHIPS and \u200cScience Act, the investment is expected to create over 2,000 manufacturing and\u200d 3,000 construction jobs. The CHIPS and Science Act aims to enhance U.S. semiconductor\u2064 manufacturing capabilities, addressing the fact that the U.S. currently produces just\u2064 10% of the world&#8217;s supply and none of\u2063 the most advanced chips, \u200bwhile relying heavily on East Asia for production. Wolfspeed positions itself as a leader in next-generation semiconductor technologies.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Three-quarters of $1B headed to North Carolina manufacturer<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1836543\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>(The Center Square) &ndash; Silicon carbide power solutions company Wolfspeed, headquartered in North Carolina, has a tentative memorandum of understanding to get three-quarters of $1 billion from the Biden administration.<\/p>\n<div class=\"article-paywall\">\n<p>Wolfspeed, in Durham, has been battling losses and a price share down 71%. Still, it remains an American market leader and challenged by Chinese competitors.<\/p>\n<p>The infusion of $750 million in direct funding would &ldquo;support the construction of a new silicon carbide wafer manufacturing facility in Siler City, helping to secure a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dem-congressman-who-pushed-china-divestment-kept-his-own-chinese-investments\/\" title=\"Dem Congressman Who Pushed China Divestment Kept His Own Chinese Investments\">reliable domestic supply<\/a> of the semiconductors that will underpin the future energy economy and AI boom,&rdquo; a release from U.S. Department of Commerce said.<\/p>\n<p>A device manufacturing facility in Marcy, N.Y., is also growing with the investment attached to the CHIPS and Science Act. The Commerce Department said the projects together will create more than 2,<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-torched-over-disastrous-jobs-report-hes-not-the-next-fdr-hes-the-next-jimmy-carter\/\" title=\"Biden Torched Over Disastrous Jobs Report: He\u2019s Not The Next FDR, He\u2019s The Next Jimmy Carter\">000 manufacturing jobs<\/a> and 3,000 construction jobs.<\/p>\n<p>The&nbsp;<a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/4346\/all-actions\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>CHIPS and Science Act<\/strong><\/a>&nbsp;was passed by Congress &ndash; 243-187 in the House, 64-33 in the Senate &ndash; in July of 2022. President Joe Biden signed the bill shortly after on Aug. 9.<\/p>\n<p>A&nbsp;<a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/08\/09\/fact-sheet-chips-and-science-act-will-lower-costs-create-jobs-strengthen-supply-chains-and-counter-china\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>White House fact sheet released upon the signing<\/strong><\/a>&nbsp;said, &ldquo;The CHIPS and Science Act will boost American semiconductor research, development, and production, ensuring U.S. leadership in the technology that forms the foundation of everything from automobiles to household appliances to defense systems. America invented the semiconductor, but today produces about 10% of the world&rsquo;s supply &ndash; and none of the most advanced chips. Instead, we rely on East Asia for 75% of global production.&rdquo;<\/p>\n<p>Wolfspeed bills itself as creator of &ldquo;next-generation semiconductor technology delivering quantum leaps in efficient, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exposing-the-particular-lefts-80-million-dark-cash-try-to-take-over-local-elections\/\" title=\"Exposing the particular Left\u2019s  Million Dark Cash Try to Take Over Local Elections\">sustainable power<\/a>, enabling the electrification of everything.&rdquo;<\/p>\n<p>In its&nbsp;<a href=\"https:\/\/s29.q4cdn.com\/278875087\/files\/doc_earnings\/2024\/q4\/earnings-result\/Wolfspeed_Q4_2024_Earnings_Release.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>fiscal year 2024 financials released in August<\/strong><\/a>, Wolfspeed reported total revenue of the company and its subsidiaries of approximately $807 million.<\/p>\n<p>Siler City is in Randolph County, neighbor to Chatham County and collectively a growing 21st century manufacturing hub to include the electric vehicle industry. It is nearly equidistant to the Triad of Greensboro, Winston-Salem and High Point, and the Triangle of Raleigh, Durham and Chapel Hill.<\/p>\n<p>&ldquo;We intend to build a booming semiconductor R&amp;D industry in the United States that will attract and keep semiconductor manufacturers in this country,&rdquo; Under Secretary of Commerce for Standards and Technology and National Institute of Standards and Technology Director&nbsp;<a href=\"https:\/\/www.commerce.gov\/news\/press-releases\/2024\/10\/biden-harris-administration-announces-preliminary-terms-wolfspeed\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Laurie Locascio said in a release<\/strong><\/a>. &ldquo;These efforts depend on a reliable domestic supply of specialized semiconductor wafers and devices, such as those produced by firms like Wolfspeed. With proposed investments such as this, we are realizing the goals of the CHIPS and Science Act by building out the domestic supply chains that will keep America&rsquo;s R&amp;D capacity healthy and competitive.&rdquo;<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1836543\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1836543\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>$750M in funding for North Carolina&#8217;s Wolfspeed manufacturer<\/p>\n","protected":false},"author":1,"featured_media":2355520,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/04\/AP24116711668784.jpg.optimal.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[9168,9177,12169,32258],"class_list":["post-2355519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-economy","tag-investment","tag-manufacturing","tag-north-carolina"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/04\/AP24116711668784.jpg.optimal.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2355519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2355519"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2355519\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2355520"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2355519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2355519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2355519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}