DURHAM, N.C. (WNCN) — As a CEO of a major corporation, receiving important phone calls is just part of the daily job.
However, Wolfspeed CEO Gregg Lowe said a recent call left them with quite a surprise.
“When the phone call came in, the question was, ‘The President wants to visit — is that okay?’”
Lowe said he couldn’t hold back his excitement and didn’t take long to respond.
“After contemplating that for a very short amount of time, I said of course!”
Since then, the CEO said things have been very different with activity going on across the campus to prepare for the President’s visit.
“To say we’ve been doing a little bit of dusting and things like that would be the understatement of the year.”
Lowe believes that President Biden chose to kick off his tour at Wolfspeed because of the semiconductor company’s growth and advancement in technology. The visit also comes after Biden’s drive toward clean energy and after signing into law the bipartisan CHIPS and Science Act of 2022.
The CEO said the Durham campus currently produces 60 percent of the world’s Silicon Carbide. Wolfspeed recently announced a $5 billion investment in a facility in Chatham County that will not only be 10 times larger than the Durham site, but also create nearly 2,000 jobs.
“The growth of this company is just explosive right now. We’re seeing the adoption of Silicon Carbide in electric vehicles, in solar farms, in inverters, and even in vacuum cleaners,” said Lowe.
The Wolfspeed CEO said the company is anticipating a 60 percent compounded annual growth rate of the business through 2027 which he said is driving the need to expand.
Lowe the advancement and growth within the company are credited to the thousands of people who make up Wolfspeed.
He said the workers have proven their hard work, dedication and teamwork across the company.
“I think the President coming here and the first stop of his tour says something about the importance of our technology, the importance of our technology leadership in Silicon Carbide, and the value that Wolfspeed brings to the country in leading this transition.”