On August 15, Navitas Semiconductor announced the acquisition of GeneSiC Semiconductor for approximately $100 million in cash, 24.9 million shares of Navitas stock, and possibly as much as $25 million in earnings, subject to GeneSiC achieving sizable revenue targets for the four fiscal quarters ending Sept. 30, 2023.
GeneSiC ranks eighth in the world in the field of silicon carbide, mainly supplying a full range of automotive-grade silicon carbide MOS from 650V to 6500V, and its products have been shipped in large quantities by world-renowned electric vehicle brands.
“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. Today, we have taken a major step in our company’s mission to ‘Electrify Our World™’ and drive our planet’s transition from fossil fuels to clean, efficient, electrical energy.”
“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.”
Navitas Semiconductor expects the acquisition of GeneSiC to accelerate its expansion into high-power markets within two to three years, with immediate third-quarter revenue in synergistic solar, energy storage and electric vehicle markets, as well as other industrial markets.