(The Center Square) – Wolfspeed, the silicon carbide power solutions company headquartered in North Carolina , once in line for three-quarters of $1 billion from the Biden administration , has emerged from Chapter 11 bankruptcy strengthened by $698.6 million in cash tax refunds from the IRS .

The money comes through the Advanced Manufacturing Investment Credit under Section 48D of the Internal Revenue Code, the company said this week. In fiscal year 2025, Wolfspeed received $186.5 million in cash tax refunds tied to federal tax filings for fiscal 2023 and fiscal 2024.

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