22 May 2023
Navitas to be added to Russell 3000 Index
Gallium nitride (GaN) power IC and silicon carbide (SiC) technology firm Navitas Semiconductor of Torrance, CA, USA is to be added as a member of the broad-market Russell 3000 Index (effective after the US market opens on 26 June) as part of the 2023 Russell indexes reconstitution.
Annual reconstitution of the Russell indexes captures the largest US stocks as of 28 April, ranking them by total market capitalization. Membership in the Russell 3000 Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
Founded in 2014, Navitas introduced what it claimed to be the first commercial GaN power integrated circuits. Entering mass production in 2018, its proprietary GaNFast power ICs integrate GaN power and drive with control, sensing and protection circuits to enable faster charging, higher power density and greater energy savings. Complementary GeneSiC power devices are optimized high-power, high-voltage and high-reliability silicon carbide SiC solutions. Focus markets include mobile, consumer, data center, electric vehicle (EV), solar, wind, smart grid and industrial. Over 185 Navitas patents are issued or pending. Over 75 million GaN and 10 million SiC units have been shipped, and Navitas introduced the industry’s only 20-year GaNFast warranty. The firm was also the first semiconductor company to be CarbonNeutral-certified.
“Inclusion in the Russell 3000 Index is an internationally recognized growth milestone, highlighting Navitas’ leadership in next-generation power semiconductors,” claims CEO & co-founder Gene Sheridan. “New GaN and SiC power technologies are rapidly replacing legacy silicon power chips, to bring more efficient, faster-charging, smaller, lighter and lower CO2-footprint electronics to market, from EVs and data centers to solar, wind and industrial applications,” he adds.