Navitas, a leader in the GaN power integrated circuit industry, announced today that the company has entered into a final agreement to merge with Live Oak Acquisition Corp. II ("Live Oak II") in order to achieve the purpose of listing. The transaction valued the combined entity with a pro forma equity value of US$1.4 billion, which will make Navitas a company listed on the national stock exchange.
Gallium nitride (GaN) is a next-generation semiconductor technology that operates 20 times faster than traditional silicon, and achieves up to three times the power consumption or three times the charging speed with half the size and weight. Navitas GaNFast power IC integrates GaN power supply, driver and protection and control functions to provide simple, small, fast and efficient performance.
Navitas predicts that GaN IC is expected to grow into a $13 billion market by 2026, driven by the growing demand for connectivity, the electrification away from fossil fuels, and efficient sustainable energy. The market includes mobile, consumer, enterprise (data center, 5G), renewable energy (solar energy, energy storage), and electric vehicles/electric vehicles.
Navitas has a proven leadership team with more than 30 years of comprehensive experience in power semiconductors, and has an extraordinary record of value creation. Therefore, Navitas is in the mass production stage and has provided sales to Dell, Lenovo, LG, Xiaomi, OPPO, Amazon, and Belkin. And dozens of other companies supply. Shipments of GaNFast power ICs developed by it have exceeded 18 million, with zero field failure reports.
With a proprietary process design kit (PDK) and more than 120 patents that have been obtained or are pending, Navitas has a first-mover advantage in the GaN market. The robust roadmap and continuous cost reduction of the new generation of GaN have accelerated the transition from fossil fuels loaded with CO 2 to "Electrify Our World". Navitas estimates that GaN can reduce CO 2 emissions by as much as 2.6 tons per year by 2050.
Gene Sheridan, the co-founder and CEO of Navitas, said: "Navitas was established to revolutionize the world of power electronics and to solve the major sustainability challenges facing our planet. Navitas' world-class team has not only invented revolutionary new patented technologies. , And also applied for a patented technology, but we have also overcome all the key obstacles to successfully bring it to the market. We are proud to be able to enter the public capital market with a strong operating momentum, and our investor partners are also very proud of us. The long-term mission is full of enthusiasm."
Live Oak CEO Rick Hendrix said: "We are very happy to work with Navitas. This is the most compelling opportunity we have seen in the semiconductor industry. We are very pleased that Navitas' solutions have made a significant contribution to reducing carbon emissions. Significant contribution. Through the funds raised in this transaction, Navitas can accelerate the pace of achieving this vision, expanding it from the mobile and consumer markets to more energy-intensive applications (such as data centers, solar and electric vehicles), and at the same time Providing substantial carbon dioxide reduction is part of their "net zero" initiative."
David Moxam, founder of Malibu IQ, pointed out: "As the demand for electric energy doubles to promote the global energy transition, Navitas' GaN Power IC has had a strong and positive energy efficiency impact that has benefited all of us."