Gallium nitride pioneer Navitas Semiconductor has acquired GeneSiC Semiconductor, a pioneer of another wide bandgap technology, silicon carbide (SiC).
GeneSiC is highly profitable, with more than 25% margins and revenue of $25m this year. The growth in SiC for automotive and renewable energy power systems is driving growth in higher power. GeneSiC expected to see 60% growth this year as a result from over 500 customers.
The SiC technology extends the reach of Navitas, headquartered in Dublin, Ireland, into higher power applications, now ranging from 20W smartphone chargers to 20kW EV chargers though to 20MW grid-infrastructure systems.
The deal follows the acquisition of a digital isolation technology developer in Belgium, VDD Tech.
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Navitas GaN ICs are optimized for 400V EV systems, while GeneSiC technology is suited to 800V EV systems, with existing revenue and development customers including BYD of China, Land Rover, Mercedes AMG, Geely, Shinry, LG Magna, Saab, and Inovance.
For Solar & Energy Storage, the Navitas GaN ICs serve residential solar, while GeneSiC has immediate revenue in higher power, commercial solar and energy storage customers, including APS, Advanced Energy, Chint, Sungrow, Growatt, CATL, Exide and many others.
“GeneSiC is an ideal partner for Navitas with their focus and success in developing industry-leading SiC technology,” said Gene Sheridan, Navitas CEO and co-founder. “Navitas has significant investments in global sales, operations and technical support teams, along with system design centers in EV and data centers. These capabilities are a perfect complement to GeneSiC and will further accelerate their growth in both synergistic and new customers and markets.”
“GeneSiC’s patent-protected, advanced technology and innovative, experienced team are critical factors in the growth of our company. Our SiC MOSFETs offer the industry’s highest performance, reliability, and ruggedness – parameters critical towards widespread adoption of electric vehicles and associated infrastructure,” said GeneSiC President Dr. Ranbir Singh. “With almost 20 years of leading-edge R&D, proven platforms, over 500 diverse customers, and growing revenue and profitability, we can leverage Navitas’ mass-production expertise and go-to-market strategy to accelerate SiC revenues. We are very excited about this new partnership.”
Dr. Singh joins Navitas as Executive Vice-President for the GeneSiC business and Navitas expects to retain all members of the GeneSiC team.
The total consideration consisted of approximately $100 million in cash, 24.9 million shares of Navitas stock and possible earn-out payments of up to $25 million base don hitting substantial revenue targets for the GeneSiC business over the four fiscal quarters ending September 30, 2023.
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