Wolfspeed Gains 12% Following Supply Deal With Renesas Electronics

(RTTNews) - Shares of Wolfspeed, Inc. (WOLF) are rising more than 12% Wednesday morning after the company announced agreement with Renesas Electronics Corporation to supply silicon carbide wafer.

The company said it received $2 billion deposit from Renesas to supply silicon carbide bare and epitaxial wafers for 10 years.

"The Renesas $2 billion deposit will help support Wolfspeed's ongoing capacity construction projects including the JP, the world's largest silicon carbide materials factory in Chatham County, North Carolina, Wolfspeed said.

WOLF is at $64.61 currently. It has traded in the range of $39.02 - $125.48 in the last 1 year.