Business
Navitas Opening Ceremony and Investor Day 2023 at Torrance HQ
Customer pipeline Up 65% to $1.25B, target to Grow 6x-10x market rate, with leading-edge GaN & SiC TORRANCE, Calif., Dec. 19, 2023 (GLOBE NEWSWIRE) -- Navitas
About this update from Navitas Semiconductor Corporation
[{"type":"text","content":"Customer pipeline Up 65% to $1.25B, target to Grow 6x-10x market rate, with leading-edge GaN & SiC\nTORRANCE, Calif., Dec. 19, 2023 (GLOBE NEWSWIRE) -- Navitas Semiconductor (Nasdaq: NVTS), the only pure-play, next-generation power semiconductor company and industry leader in gallium nitride (GaN) power ICs and silicon carbide (SiC) technology held an Opening Ceremony and 2023 Investor Day at its new headquarters in Torrance, CA on Tuesday, December 12th. Torrance Mayor, George Chen, and Dustin McDonald from the Office of the Governor of California joined Navitas’ CEO and co-founder Gene Sheridan to speak and cut the ribbon, officially opening Navitas’ new headquarters. Around 100 highly-skilled Navitas staff are employed in Torrance for all aspects of GaN and SiC design, applications, test, characterization and quality plus finance, marketing and HR. Further team growth is planned for 2024, including a $20M investment to add SiC epi-growth capability for strategic manufacturing expansion. The well-attended investor meeting began with Mr. Sheridan’s recap on a year of significant growth for Navitas, with a doubling of revenue, a $92M capital raise, four major new technology platforms and an update on Navitas’ mission to 'Electrify Our World™. Then, Mr. Sheridan outlined a $1.3T electrification market opportunity as GaN and SiC enable and accelerate our transition away from fossil fuels to a carbon-neutral, full-electrified world, envisaged as ‘Planet Navitas’. Dan Kinzer, co-founder and COO/CTO then introduced technology platforms including Gen-4 GaNSense half-bridges for motor drive and mobile fast chargers, GaNSafe – the world’s most protected GaN powertrain, GaNSense Control, and a revolutionary new bi-directional GaN power IC platform with up to 9x smaller chip size than legacy silicon MOSFETs or IGBTs. Sid Sundaresan, SVP for the GeneSiC product line added more detail on the Gen-3 Fast SiC platform. In May, Navitas announced a qualified customer pipeline of $760M, across mobile, solar/ESS, EV/eMobility, data center and appliance/industrial markets. At the Investor Day, David Carroll, SVP Worldwide Sales announced that the pipeline had increased by 65% to $1.25B, with 10/10 top mobile OEMs and majority of solar inverter makers. Investors also heard from the voices of Navitas customers, including Rick Liu from Accopower for E...