Cree, Inc. (Nasdaq:CREE) announces that it signed a strategic long-term agreement to produce and supply its Wolfspeed silicon carbide (SiC) wafers to Infineon Technologies AG (FSE:IFX) (OTCQX:IFNNY). The agreement governs Cree’s supply of advanced 150 mm SiC wafers to Infineon, which will broaden Infineon’s product offering to address today’s high-growth markets, such as photovoltaic inverters and electro mobility.

“Infineon is a longstanding, valuable commercial partner with an excellent reputation,” said Gregg Lowe, CEO of Cree. “This agreement validates the quality of Cree’s SiC wafer technology and our capacity expansion, as well as the accelerated adoption of SiC-based solutions that are critical to enabling faster, smaller, lighter and more powerful electronic systems.”

“We have known Cree for a long time as a strong and reliable partner with an excellent industry reputation,” said Reinhard Ploss, CEO of Infineon. “Based on the secured long-term supply of SiC wafers, we strengthen our strategic growth areas in automotive and industrial power control. As a consequence, we will create additional value for our customers.”

Wolfspeed, A Cree Company, is a manufacturer of silicon carbide wafers and epitaxial wafers. The supply agreement, valued at well over $100 million, enables SiC applications in broad markets such as photovoltaic, electro mobility, robotics, charging infrastructure, industrial power supplies, traction and variable speed drives.