FILE PHOTO: View of a Wolfspeed's Silicon Carbide (SiC) Wafer during an event on the future of the decommissioned coal-fired power plant in the Western German Saarland region in Ensdorf, Germany, February 1, 2023. REUTERS/Thilo Schmuelgen/File
WASHINGTON (Reuters) -Wolfspeed is set to receive $750 million in government grants for its new North Carolina silicon carbide wafer manufacturing plant facility, the U.S. Commerce Department said Tuesday, sending the U.S. chipmaker's shares surging more than 30%.
The preliminary funding agreement requires Wolfspeed "to take additional steps to strengthen its balance sheet to better protect taxpayer funds", it said.
