October 6, 2004... National Institute of Standards and Technology and US Department of Energy Select Cree to Receive $4.2 Million in Funding for Lighting Research and Development
DURHAM, NC, Oct. 6 /PRNewswire-FirstCall/ -- Cree, Inc. (Nasdaq: CREE - News), a market leader of light emitting diode (LED) technology, today announced that the Advanced Technology Program (ATP) through the National Institute of Standards and Technology and the National Energy Technology Laboratory (NETL), on behalf of the US Department of Energys Office of Building Technologies, have selected Cree to receive a combined total of $4.2 million in funding for solid-state lighting research and development The two programs, which remain subject to the negotiation and execution of contract terms and conditions, aim to reduce cost and energy consumption for general lighting.
The ATP project goals include the ability to quadruple the brightness and double the efficiency of existing LED systems, and reduce the cost per lumen using a white LED lamp. The research will span three years and be conducted in cooperation with Nanocrystal Lighting Corporation. Criteria for the ATP award were rigorous and Cree was selected based on the difficulty of the proposed project, the level of technical innovation required to accomplish the goal and the potential for significant benefits to the nations economy.
The NETL project aims to provide a viable replacement for the energy inefficient incandescent light. This research and development program will also span three years targeting the development of an array of small-area LEDs with integrated optics, thermal management and electrical power handling circuitry.
We are extremely pleased to have been awarded two highly sought-after grants from the ATP and NETL that give Cree the opportunity to accelerate the availability of affordable solid-state illumination technology, said Chuck Swoboda, Cree President and CEO. Programs should create more energy-efficient and cost-effective products.
About Cree, Inc.
Cree is an advanced semiconductor company that leverages its expertise in silicon carbide (SiC), gallium nitride (GaN) and silicon (Si) materials technology to produce new and enabling semiconductors. The products include blue, green and near ultraviolet (UV) light emitting The diodes (LEDs), near UV lasers, radio frequency (RF) and microwave devices, and power switching devices. Cree understands the important convergence of science, technology and creativity, placing high value on ideas, as well as the energy and ability of its Potential applications for these products include solid-state illumination, power switching, wireless infrastructure and optical storage. For more information on Cree, please visit http:// .
This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk that contracts for these programs The uncertainty of the government will appropriate and allocate all funding of the contract awards; the risk the estimated contract values ​​may not be realized if the contracting authority exercises the right to terminate the contracts; The software can be achieved within the time frames of the contract or at all; the risk we may not incur sufficient allowable costs to generate the full estimated contract values; the risk that any technologies developed in the programs may not have commercial value; Factors discussed in Crees filings with the Securities and Exchange Commission, includ Ing its report on Form 10-K for the year ended June 27, 2004.
Cree and the Cree logo are registered trademarks of Cree, Inc.
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