Dec 122013
 
Tax-Credits

Tax-Credits

Cree Inc. will receive $30 million in federal tax credits to expand its manufacturing footprint in Racine County as well as in Durham, N.C., the U.S. Department of Energy said Thursday.

The company’s expansion includes the purchase, installation and modification of new machinery that will allow Cree to produce advanced LED lighting systems.

“With this project, Cree is taking the next step toward its goal of making traditional lighting products obsolete through the use of advanced LED technology with significant estimated annual savings,” according to the department.

Cree, based in North Carolina, acquired Wisconsin-based Ruud Lighting and its BetaLED division in a 2011 acquisition. Several months later the company announced plans for an expansion of its Sturtevant factory and distribution center.

The tax credits were part of $150 million in advanced energy manufacturing tax credits announced Thursday.

The new round of credits was announced to make use of credits that were not used by previously selected companies, according to the Energy Department.

The credits are designed to aid in the production of equipment used in clean energy technologies, from energy efficiency technologies like LED to wind and solar.

“Cost-effective, efficient manufacturing plays a critical role in continuing U.S. leadership in clean energy innovation, and the tax credits announced today will help reduce carbon pollution from our vehicles and buildings; create new jobs and supply more clean energy projects in the United States and abroad with equipment made in America,” said Energy Secretary Ernest Moniz in a prepared statement.

Cree had previously announced a $24.5 million expansion in Sturtevant, adding 208,000 square feet to house LED lighting assembly lines and an expanded distribution center.

The company committed to creating 469 full-time jobs from the expansion, and received state and local incentives valued at more than $8 million.

About Cree, Inc.

Cree-LED-logo

Cree-LED-logo

Cree, Inc. is a global, industry-leading manufacturer of lighting-class LEDs, LED lighting technologies, and semiconductor solutions for radio frequency (RF) and power applications. Cree is paving the way for the LED lighting revolution by producing long-lasting, energy-efficient LED lighting, rendering traditional technologies obsolete.

Cree’s LED Components and Modules division includes the market’s brightest and most reliable lighting-class LEDs, including the Cree XLamp® LED portfolio. By featuring light that is both efficient and beautiful, Cree LED components and modules offer lighting manufacturers and designers high-performance LEDs and LED modules that lower system cost.

Cree leads the industry in brightness and reliability for power LEDs with its XLamp LED family. Through XLamp LEDs, Cree is enabling the lighting industry with efficient LED light. With the largest family of high-performance, commercially-available LEDs, Cree has the right LED for your design.

Cree LED modules provide a simple solution for lighting designers and manufacturers to adopt best-in-class LED lighting, accelerating time to market and lowering system cost. For more information, visit www.cree.com.

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