The research team devised a way to grow silicon crystals in the laboratory, and in 1987 founded the company to produce SiC[clarification needed] to be used commercially in both semiconductors and lighting.

[9] In 2013, the company's first consumer products, two household LED bulbs, qualified for Energy Star rating by the United States Environmental Protection Agency.

[10] In July 2016, Infineon Technologies agreed to acquire the company's Wolfspeed RF and power electronics devices unit for $850 million.

[22] It is supposed to be on the site of a former coal plant in Ensdorf, Saarland with ZF Friedrichshafen as a coinvestor and susidized by the EU as an important project of common European interest (IPCEI) for Microelectronics and Communication Technologies.

[24] In June 2024, Wolfspeed has delayed its $3 billion semiconductor plant in Germany to mid-2025, reflecting the EU's challenges in boosting local chip production.

The delay underscores issues with the EU Chips Act, as few projects have progressed, jeopardizing the goal of achieving 20% global market share by 2030.