Navitas Semiconductor, an industry leader in gallium nitride (GaN) power ICs, announced the acquisition of GeneSiC Semiconductor, a silicon carbide (SiC) pioneer with deep expertise in SiC power device design and process. The transaction is immediately accretive to Navitas as GeneSiC is highly profitable, with more than 25% EBITDA margins. Calendar 2022 revenues are expected to be approximately $25 million with demonstrated annual growth rates of over 60%. The combined company creates a comprehensive, industry-leading technology portfolio in next-generation power semiconductors - both GaN and SiC – with an aggregate market opportunity estimated at over $20 billion per year by 2026.
“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. 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.” Dr. Singh joins Navitas as Executive Vice-President for the GeneSiC business and Navitas expects to retain all members of the GeneSiC team.
In power semiconductors, both GaN and SiC are superior materials to legacy silicon, enabling higher speeds, greater energy savings, faster charging, and significantly reduced size, weight, and cost. Together, these complementary, next-generation materials address a broad range of applications from 20 W smartphone chargers, to 20 kW EV chargers, to 20 MW grid-infrastructure systems and everything in between. With over 500 customers, the GeneSiC acquisition delivers diversified and synergistic markets and customers, and accelerates Navitas’ revenue in strategic, higher-power applications:
Electric Vehicle: Navitas GaN ICs are optimized for 400 V EV systems, and GeneSiC technology is ideal for 800 V EV systems, with existing revenue and development customers which include BYD, Land Rover, Mercedes AMG, Geely, Shinry, LG Magna, Saab, and Inovance, along with dozens of others.
Solar & Energy Storage: 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.
Broader Industrial Markets: GeneSiC high-voltage products bring immediate revenue in a wide range of additional industrial markets which include rail, UPS, wind, grid power, industrial motors, and medical imaging.
