Coherent Shares Rise 9% Right after Technologies Collaboration With Mitsubishi Electric

Published: Might 26, 2023 at ten:18 a.m. ET

By Chris Wack

Coherent shares have been up 9% at $35.16 immediately after the business mentioned it has signed a memorandum of understanding to collaborate with Mitsubishi Electric on a system to scale manufacturing of SiC energy electronics on a 200 mm technologies platform.

The stock hit its 52-week low of $26.29 on Might ten, and is down 40% in the previous 12 months.

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By Chris Wack

Coherent shares have been up 9% at $35.16 immediately after the business mentioned it has signed a memorandum of understanding to collaborate with Mitsubishi Electric on a system to scale manufacturing of SiC energy electronics on a 200 mm technologies platform.

The stock hit its 52-week low of $26.29 on Might ten, and is down 40% in the previous 12 months.

The business mentioned the SiC energy electronics are applied in electric cars, and has reduce power losses, greater operating temperatures, and greater switching speeds compared with energy devices primarily based on silicon.

Mitsubishi Electric not too long ago mentioned it is developing a new plant for SiC energy devices, primarily based on a 200 mm technologies platform. Beneath the memo, Coherent will create a provide of 200 mm n-sort 4H SiC substrates for Mitsubishi Electric’s future SiC energy devices manufactured at the new facility.

Create to Chris Wack at chris.wack@wsj.com