The transaction, which values the combined entity at a pro forma equity value of just over $1 billion, will result in Navitas becoming a publicly traded company.
Gallium nitride (GaN), a next-generation semiconductor technology that runs up to 20x faster than legacy silicon, enables up to 3x more power or 3x faster charging in half the size and weight.
Driven by increasing demand for connectivity, electrification away from fossil fuels, and efficient sustainable energy sources, Navitas is predicting that GaN ICs will be able to address markets that are estimated to grow to over $13 billion by 2026. Markets include mobile, consumer, enterprise (data center, 5G), renewables (solar, energy storage) and EV/eMobility.
Navitas is in mass production and is currently ramping shipments to many major OEM’s and aftermarket suppliers, including Dell, Lenovo, LG, Xiaomi, OPPO, Amazon, Belkin among others. In fact, over 18 million GaNFast power ICs have been shipped, with zero reported field failures.
Navitas estimates that GaN can impact up to 2.6 Gtons of CO2 reduction annually by 2050.
Commenting Gene Sheridan, co-founder and CEO of Navitas said, “Navitas was formed with the vision to revolutionize the world of power electronics, while addressing significant sustainability challenges for our planet. Not only has Navitas’ world-class team invented and patented revolutionary new technology, but we have also overcome all the key hurdles associated with successfully bringing it to market."
