Navitas in $1bn SPAC deal

May 10, 2021 // By Nick Flaherty
Navitas to go public via $1bn SPAC
GaN power chip designer Navitas Semiconductor is to go public via a SPAC special vehicle with a valuation of $1.04bn

Navitas Semiconductor, which is domiciled in Dublin for tax reasons, is to go public in the US via a special vehicle called Live Oak II SPAC Business Combination listed on the New York Stock Exchange (NYSE).

The deal is set to raise $400m for product development and expansion into higher power applications such as data centre, renewable energy and electric vehicles. Navitas says its proprietary and patented GaNFast monolithic power chips support three times faster charging compared to silicon in applications up to 500W. The company has shipped 18m devices to Tier-1 customers include Dell, Lenovo, Xiaomi, OPPO, LG, Amazon and Belkin.

The management team is based in El Segundo, California, having previously worked at International Rectifier, with most of the staff in China. “We are registered in the Republic of Ireland as we are international and we want to follow in the footsteps of other people that are not impacted by national or international politics,” said Steve Oliver, vice president of investor relations and employee #7 at the company. “The majority of people are right now in China. From the original LA HQ we have sites at Shenzen, Shanghai, Tokyo and Seoul and we are looking to expand in other areas,” he said.

The company has a proprietary process design kit (PDK) and over 120 patents granted or pending and says it has committed foundry production on 200mm wafers at TSMC with packaging at Amkor.

“We started in chargers for several reasons, You get money quickly and it’s a low risk entry point with fast designs,” said Oliver. “At the same time we approached Belkin for chargers we approached Dell. They did a deep dive audit on the technology and factory and that led to the 100W charger and there’s other things in the pipeline with them. What’s happened since then is

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