SEDCO pledges $2M toward GlobiTech expansion
12 May 2023
5/12/2023 (Michael Hutchins, Herald Democrat)
GlobiTech will be receive assistance from area economic developers in pursuing upgrades at its Sherman facilities. The Sherman Economic Develop Development Corp Board of Directors voted unanimously Tuesday to support a $100.5 million expansion of GlobiTech’s facilities with a $2 million incentive package.
The expansion will allow the facility to produce new silicon wafer technology that utilizes silicon carbide. These materials will be used in the production of semiconductors and other finished products.
“Basically the new thing in semiconductors is silicon carbide,” SEDCO President Kent Sharp said. “That’s what is driving all of the new electric vehicles, all of the battery storage technology. Silicon carbide is superior to straight silicon because … it is like putting the breaker box of your house and putting it on a chip; it is that powerful.”
In 2022, GlobalWafers, parent company of GlobiTech, announced planstodevelopanew $5 billion wafer production facility in Sherman. While the two projects are separate, Sharp said the current project likely gained momentum from the previous work by the companies.