Wolfspeed, Inc. (NYSE:WOLF) shares are trading higher on Tuesday after the company and Infineon Technologies AG (OTC:IFNNF) announced the expansion and extension of their existing long-term 150mm silicon carbide wafer supply agreement.
What To Know: The extension was announced early Tuesday morning, sending shares of Wolfspeed higher by over 7% during market hours. The agreement was originally signed in February 2018, with the extended partnership including a multi-year capacity reservation agreement.
Jochen Hanebeck, CEO of Infineon Technologies, said, “As the demand for silicon carbide devices continues to increase, we are following a multi-source strategy to secure access to a high-quality, global and long-term supply base of 150mm and 200mm SiC wafers. Our prolonged partnership with Wolfspeed further strengthens Infineon’s supply chain resilience for the coming years.”
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WOLF Price Action: Shares of Wolfspeed were up 6.37% at $36.88 at the time of publication, according to Benzinga Pro.
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