Cree Awarded $12 Million To Develop Advanced Electronic Devices That Optimize Power Control and Management Aboard Ships
Source/Type: Press Releases - As issued by company

June 9, 2005... Durham, North Carolina USA-- Cree, Inc.announced today that it has been awarded a $12 million contract by the Office of Naval Research (ONR) to develop silicon carbide (SiC)-based high voltage, high power electronic devices and power modules that can significantly reduce the size and weight of power management equipment aboard the U.S. Navy's next generation aircraft carriers and other sea vessels.

This 18-month contract is funded by the Defense Advanced Research Projects Agency (DARPA) under the Wide Bandgap Semiconductor Technology Initiative for High Power Electronics (WBST-HPE), which is focused on high power conversion and distribution technology. Cree has successfully completed its $8.3 million contract for Phase I of this initiative.

"Building on the tremendous success of Phase I, during which Cree demonstrated 10 kV, 50 A PiN rectifiers and the first 10 kV SiC MOSFETs, we intend to scale these devices in size, and build power modules capable of 10 kV and 110 Amps during Phase II," notes John W. Palmour, Cree's executive vice president, Advanced Devices. "These devices could eventually be used beyond ship applications to optimize electrical power distribution for greater efficiency and rapid power switching across any major power grid, particularly for long-haul lines."

The Phase II effort also includes development of the extremely low defect density n-type 4H-SiC substrates and epitaxy required for creating these large area high current, high voltage power devices.

As part of this program, Cree intends to award a number of subcontracts. Powerex, of Youngwood, PA, is designated to perform module design and testing. Raytheon's Integrated Defense Systems of Sudbury, Maryland, and General Atomics of San Diego, California, will perform systems studies on the solid-state power supplies proposed for this application. In addition, Carnegie Mellon University and North Carolina State University will also participate in the program.

About Cree, Inc.

Cree is an advanced semiconductor company that leverages its expertise in silicon carbide (SiC) and gallium nitride (GaN) materials technology to produce new and enabling semiconductors. The products include blue and green light emitting diodes (LEDs), packaged LEDs, power switching devices and radio frequency (RF) and microwave devices. The company is currently developing near ultraviolet lasers. Targeted applications for the company's products include solid-state illumination, power switching, wireless infrastructure and optical storage. Cree understands the important convergence of science, technology and creativity, placing high value on ideas, as well as the energy and ability of its people. For more information on Cree, please visit www.cree.com .

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated, including the risk that the contract values we may realize from the program could differ materially due to a number of factors, such as uncertainty as to whether the government will appropriate and allocate all funding contemplated by the award; the risk that the estimated contract value may not be realized if the government exercises its right to terminate the program; uncertainty whether the goals of the development program can be achieved within the time contemplated by the award or at all; the risk that technology developed in the program, if any, may not prove viable for military or commercial use; and other factors discussed in Cree's filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 27, 2004 and subsequent reports filed with the Commission.

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