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GaN IC company Navitas to go public

GaN Power ICs specialis, Navitas Semiconductor, has entered into a definitive agreement to combine with Live Oak Acquisition Corp. II, a publicly-traded special-purpose acquisition company. The transaction, which values the combined entity at $1.4 billion, will result in Navitas becoming a publicly-traded company.

Driven by increasing demand for connectivity, electrification away from fossil fuels, and efficient sustainable energy sources, Navitas predicts GaN ICs can address markets estimated to grow to over USD 13 billion in 2026. Markets include mobile, consumer, enterprise (data center, 5G), renewables (solar, energy storage) and EV / eMobility. Navitas is in mass production and ramping shipments to many major OEM’s and aftermarket suppliers, including Dell, Lenovo, LG, Xiaomi, OPPO, Amazon, Belkin and dozens of others. Over 18 million GaNFast power ICs have shipped, with zero reported field failures. “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. We are proud to enter the public capital markets with strong operating momentum and investor partners who share our enthusiasm for our long-term mission,” says Gene Sheridan, co-founder and CEO of Navitas in a press release. “We are excited to partner with Navitas,” adds Rick Hendrix, Chief Executive Officer of Live Oak, “This is the most compelling opportunity we have seen in the semiconductor industry, and we are delighted that Navitas’ solutions contribute meaningfully to reduced carbon emissions through more efficient power delivery. The capital raised through this transaction will allow Navitas to accelerate that vision as they expand from mobile and consumer markets into even more power-intensive applications like data centers, solar energy and electric vehicles – all while delivering a significant CO2 reduction as part of their Net Zero initiative.”
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May 27 2021 2:20 pm V18.18.11-2