Renesas Completes Acquisition of Transphorm

Accelerates Wide Bandgap Product Offering and Introduces 15 New GaN-Based Winning Combination Reference Designs

TOKYO — (BUSINESS WIRE) — June 20, 2024 — Renesas Electronics Corporation (“Renesas” TSE:6723), a premier supplier of advanced semiconductor solutions, today announced that it has completed the acquisition of Transphorm, Inc. (“Transphorm” Nasdaq: TGAN), a global leader in gallium nitride (GaN) power semiconductors, as of June 20, 2024. With the closing of the acquisition now completed, Renesas will immediately start offering GaN-based power products and related reference designs to meet the rising demand for wide bandgap (WBG) semiconductor products.

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WBG materials such as GaN and silicon carbide (SiC) are considered key technologies for next-generation power semiconductors due to their superior power efficiency, higher switching frequencies and small footprints compared to conventional silicon-based devices. Both GaN and SiC-based products are expected to grow rapidly over the next decade, driven by demand from electric vehicles (EVs), inverters, data center servers, artificial intelligence (AI), renewable energy, industrial power conversion, consumer applications and others.

“Customers instantly benefit from the new GaN products through turnkey reference designs, which integrate technologies from both companies,” said Chris Allexandre, Senior Vice President and General Manager of Power at Renesas. “Adding GaN into our portfolio also reinforces our commitment to develop products and technology that make people’s lives easier. Providing robust and sustainable power solutions that save energy, reduce cost and minimize environmental impacts does just that.”

Investing in the power business is an important part of Renesas’ strategy for achieving sustainable, long-term growth. Other recent moves that Renesas has made to bolster this market segment include: the opening of the Kofu Factory, a dedicated 300-mm wafer fab for power products; ramping up a new SiC production line at the Takasaki Factory; and forging an agreement with Wolfspeed to secure a steady supply of SiC wafers over the next 10 years. With GaN technology now part of Renesas’ portfolio, Renesas is poised to offer more comprehensive power solutions to support the evolving needs of customers across a broad range of applications.

On the same day that it completed the acquisition of Transphorm, Renesas rolled out 15 new Winning Combinations, market-ready reference designs that combine the new GaN products with Renesas’ embedded processing, power, connectivity and analog portfolios. These include the designs of Transphorm’s automotive-grade GaN technology integrated for on-board battery chargers as well as 3-in-1 powertrain solutions for EVs.

Some examples are:

Founded in 2007 in Goleta, California, Transphorm, with roots from the University of California at Santa Barbara and the Wide Bandgap industry, is built on a foundation of unique technology entrepreneurship. Transphorm, a leading innovator in GaN semiconductors designs, manufactures and sells high-performance and high-reliability GaN power products for a broad spectrum of high-voltage power conversion applications.

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Driven by innovation, quality and reliability, Renesas leads the way in power electronics, shipping more than four billion parts per year from our portfolio of power management ICs, discrete and wide-bandgap products, computing power devices and many more. These products span all major segments including automotive, IoT, infrastructure and industrial applications. Our power portfolio seamlessly attaches to our leading MCU, MPU, SoC and analog solutions, simplifying and accelerating the design process with hundreds of engineering-vetted Winning Combinations and innovative tools such as PowerCompass™ and PowerNavigator™ design software. Find out more at www.renesas.com/power.

About Renesas Electronics Corporation

Renesas Electronics Corporation ( TSE: 6723) empowers a safer, smarter and more sustainable future where technology helps make our lives easier. A leading global provider of microcontrollers, Renesas combines our expertise in embedded processing, analog, power and connectivity to deliver complete semiconductor solutions. These Winning Combinations accelerate time to market for automotive, industrial, infrastructure and IoT applications, enabling billions of connected, intelligent devices that enhance the way people work and live. Learn more at renesas.com. Follow us on LinkedIn, Facebook, X, YouTube, and Instagram.

Cautionary note regarding forward-looking statements

This announcement may contain certain statements that are, or may be deemed to be, forward-looking statements with respect to the financial condition, results of operations and business of Renesas and/or Transphorm and/or the combined group following completion of the Acquisition and certain plans and objectives of Renesas with respect thereto. These forward-looking statements can be identified by the fact that they do not relate to historical or current facts. Forward-looking statements also often use words such as “anticipate,” “target,” “continue,” “estimate,” “expect,” ‘‘forecast,” “intend,” “may,” “plan,” “goal,” “believe,” “hope,” “aims,” “continue,” “could,” “project,” “should,” “will” or other words of similar meaning. These statements are based on assumptions and assessments made by Renesas and/or Transphorm (as applicable) in light of their experience and perception of historical trends, current conditions, future developments and other factors they believe appropriate. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement.

Forward-looking statements are not guarantees of future performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this announcement. Neither Renesas nor Transphorm undertakes any obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law.

There are several factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business and competitive environments, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions. If any one or more of these risks or uncertainties materializes or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward looking statements should therefore be construed in the light of such factors.

No member of the Renesas group or Transphorm nor any of their respective associates, directors, officers, employers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur.

Except as expressly provided in this announcement, no forward-looking or other statements have been reviewed by the auditors of the Renesas group or Transphorm. All subsequent oral or written forward-looking statements attributable to any member of the Renesas group or Transphorm, or any of their respective associates, directors, officers, employers or advisers, are expressly qualified in their entirety by the cautionary statement above.

(Remarks) All names of products or services mentioned in this press release are trademarks or registered trademarks of their respective owners.

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