GoKawiilWolfspeed receives $1.5B conditional 30-year loan commitment from US Dept of War
The U.S. Department of War's Office of Strategic Capital has issued Wolfspeed Inc. a conditional 30-year loan commitment letter worth $1.5 billion. Wolfspeed, which makes silicon carbide and gallium nitride materials, plans to use the funds to upgrade GaN epitaxy capabilities and develop radiation hardening for its products. The loan requires Wolfspeed to issue warrants for up to 7.5% of its fully diluted equity, and remains subject to due diligence, government approvals and existing lender consent.