By Colin Kellaher

Shares of Wolfspeed jumped sharply in premarket trading Wednesday after the silicon-carbide chip maker said it has signed a 10-year wafer-supply agreement with Japan's Renesas Electronics.

The Durham, N.C., company said Renesas made a $2 billion deposit to secure a supply commitment of silicon-carbide bare and epitaxial wafers that will enable Renesas to scale production of silicon carbide power semiconductors, starting in 2025.

Wolfspeed said the agreement supports the adoption of silicon carbide in automotive, industrial and energy markets amid rising demand spurred by the growth of electric vehicles and renewable energy.

Wolfspeed shares, which closed Monday at $56.74, were recently up nearly 14% at $64.50 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

July 05, 2023 07:08 ET (11:08 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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