Connected Car News: Wolfspeed, NVIDIA, ABB & Veritone

In connected car News are Wolfspeed, NVIDIA ABB and Veritone.

Wofspeed CHIPS & Science Act Funding

The U.S. Department of Commerce and Wolfspeed (NYSE: WOLF) announced they have signed a non-binding preliminary memorandum of terms (PMT) for up to $750 million in proposed direct funding under the CHIPS and Science Act. In addition, a consortium of investment funds led by Apollo, The Baupost Group, Fidelity Management & Research Company and Capital Group have agreed to provide Wolfspeed an additional $750 million of new financing. Together these investments support Wolfspeed’s long-term growth plans and bolster domestic production of silicon carbide to power clean energy systems underpinning electric vehicles (EVs), artificial intelligence (AI) data centers, battery storage and more. In addition, Wolfspeed expects to receive $1 billion of cash tax refunds from the advanced manufacturing tax credit under the CHIPS and Science Act (section 48D), giving the company, in total, access to up to $2.5 billion of expected capital to support the expansion of silicon carbide manufacturing in the United States.

Wolfspeed is the world’s largest producer of silicon carbide technology, pioneering the technology more than 35 years ago on the campus of North Carolina State University. Since that time, Wolfspeed has become the global leader in silicon carbide technology, one of the fastest growing components of the broader semiconductor industry.

  • Silicon carbide is a superior alternative to silicon for high power applications – such as EV powertrains, e-mobility, renewable energy systems, battery energy storage systems, and AI and cryptocurrency data centers – that unlocks improved performance and lower system costs.
  • Notably, the importance of bolstering the domestic production of silicon carbide has been recognized across multiple federal agencies; the Department of Energy denoted it as one of 17 “critical materials” with a high risk of supply disruption that are integral to clean energy technologies, while the Department of Commerce recognizes silicon carbide semiconductors as important to national security.
  • As the U.S. and the world pursue more efficient and environmentally friendly solutions to meet the world’s ever-increasing need for high-voltage energy products, it is crucial that the U.S. continue to make strategic investments to cement its technological leadership position, while continuing to spur American innovation in critical technologies.

Wolfspeed CEO, Gregg Lowe, said, “To reach this milestone under the U.S. CHIPS and Science Act is an incredible achievement in Wolfspeed’s long-term growth strategy, and we believe today’s announcement is a testament to the market-leading quality of Wolfspeed products and significance of Wolfspeed to broader U.S. economic and national security interests. This support galvanizes our ability to expand domestic manufacturing, accelerate innovation in next-generation semiconductor technology, and meet the increasing global demand for silicon carbide. As a key player in the semiconductor industry, this proposed investment will enable us to solidify our leadership position with a first-of-its-kind 200mm silicon carbide manufacturing footprint in upstate New York and central North Carolina, while contributing to the resilience and competitiveness of the U.S. supply chain. It’s not just about growth for Wolfspeed—it’s about driving technological advancement that powers the future.

These proposed funds, which are expected to be received upon milestone achievements in the coming years, would enable Wolfspeed to complete its multi-billion-dollar greenfield U.S. capacity expansion plan, which consists of the largest and most advanced 200mm silicon carbide footprint in the world. In addition to the proposed direct funding, Wolfspeed intends to benefit from the U.S. Treasury Department Investment Tax Credit of up to 25% of the qualified capital expenditures primarily related to its construction and installation of equipment at The John Palmour Manufacturing Center for Silicon Carbide in Siler City, NC and completion of the Mohawk Valley Fab M-Line West Expansion in Utica, NY.

This multi-billion-dollar investment will bolster Wolfspeed’s balance sheet and will help to fuel significant growth through cash generation and accelerate its long-term profitability goals.

Summary of the PMT

The PMT outlines key terms for a CHIPS incentive award, including the proposed amount and form of the award, and provides that the disbursement of funds will be conditioned upon the achievement of certain operational and construction milestones and other requirements.

The PMT includes an obligation for Wolfspeed to raise an aggregate of $750 million in debt financing over three tranches through the issuance of senior notes under an amended and restated indenture. Wolfspeed and its lenders, led by Apollo funds, have reached an agreement for this additional financing, including $250 million to be available within 10 business days, and have agreed to certain intercreditor terms with the CHIPS Program Office as described in the PMT.

Together, the PMT and the agreement with lenders also requires:

  • Wolfspeed to undertake further actions with respect to its capital structure, including (a) restructuring or refinancing its outstanding 2026, 2028 and 2029 convertible notes at specified intervals prior to their respective maturity dates, (b) deferring a total of $120 million in cash interest payments due prior to June 30, 2025 under an unsecured customer refundable deposit agreement, and (c) raising up to $300 million of additional capital from non-debt sources over the next 12 months.
  • In addition, Wolfspeed has agreed with its lenders to certain revisions in the terms of the senior notes, including revisions to the interest rate applicable to the senior notes, as described in the Form 8-K filed today with Securities and Exchange Commission (SEC).

The PMT provides that the award is subject to due diligence and the negotiation and signing of a definitive direct funding agreement with the Department of Commerce and the negotiation and signing of an intercreditor agreement between the Department of Commerce and the Company’s lenders, which may contain different or additional conditions not contained in the PMT. Additional terms of the PMT were not disclosed.

ABB RB 1000iS Paint Atomizer Robot

ABB has launched the RB 1000i-S paint atomizer to revolutionize automotive paint shops. The new paint atomizer mounted on top of the ABB robot improves transfer efficiency by upwards of 10%, and can significantly reduce paint waste by a minimum of 30% along with carbon dioxide (CO2) emissions, compared to its predecessor, the RB 1000i. In addition, major efficiency and cost saving benefits have the potential to deliver significant financial savings.

“Major automotive manufacturers have committed to carbon neutral factories by 2035, leaving no stone unturned in their mission to achieve these targets,” said Marc Segura, President – Robotics Division at ABB.  “ABB is continuously developing products and services to help companies achieve their sustainability targets. The newly launched RB 1000i-S is just one example of how ABB is expanding its portfolio to help meet the challenges that lie ahead.”

The RB 1000i-S paint atomizer reduces CO2 and Volatile Organic Compounds (VOC) emissions in automotive paint shops by reducing paint waste, as well as the overall energy consumption in plants through a more efficient paint process.

Cost savings can also be significant. For example, where a manufacturer utilizes a 2.5-liter paint solvent borne per car and produces 200,000 cars per factory annually, the RB 1000i-S paint atomizer through its improved transfer efficiency can help to save 50,000 liters of paint per factory. This equates to USD 500,000 in direct financial savings1.

Customers can order the new RB 1000i-S atomizer with a new paint robot, or they can purchase a service kit to upgrade their existing RB 1000i by replacing key components, such as the bell cup and shaping air nozzle. The service upgrade kit supports the circular economy and maximizes the lifespan of the existing paint atomizer, increasing product durability and further reducing waste.

The new paint atomizer along with ABB’s other robotics solutions have been engineered to help customers achieve a more sustainable and resource-efficient future. For example, ABB Robotics new Energy Efficiency Service provides manufacturers with a package of consultation, analysis and tools to increase the energy efficiency of their robots, offering up to 30 percent energy savings (for more details please refer to our previous press release here). In addition, the OmniCoreTM controller consumes up to 20 percent less energy in heavy duty cycles2, thanks to its built-in power back into the grid and re-generation technology.  RobotStudo® Automatic Path Planning contributes to improved motion duration, reducing energy consumption by up to 30 percent.

NVIDIA AI Tech Community In Pittsburgh

Serving as a bridge for academia, industry and public-sector groups to partner on artificial intelligence innovation, NVIDIA is launching its inaugural AI Tech Community in Pittsburgh, Pennsylvania.

Collaborations with Carnegie Mellon University and the University of Pittsburgh, as well as startups, enterprises and organizations based in the “city of bridges,” are part of the new NVIDIA AI Tech Community initiative, announced  during the NVIDIA AI Summit in Washington, D.C.

The initiative aims to supercharge public-private partnerships across communities rich with potential for enabling technological transformation using AI.

Two NVIDIA joint technology centers will be established in Pittsburgh to tap into expertise in the region.

NVIDIA’s Joint Center with Carnegie Mellon University (CMU) for Robotics, Autonomy and AI will equip higher-education faculty, students and researchers with the latest technologies and boost innovation in the fields of AI and robotics.

NVIDIA’s Joint Center with the University of Pittsburgh for AI and Intelligent Systems will focus on computational opportunities across the health sciences, including applications of AI in clinical medicine and biomanufacturing.

CMU — the nation’s No. 1 AI university according to the U.S. News & World Report — has pioneered work in autonomous vehicles and natural language processing.

CMU’s Robotics Institute, the world’s largest university-affiliated robotics research group, brings a diverse group of more than a thousand faculty, staff, students, post-doctoral fellows and visitors together to solve humanity’s toughest challenges through robotics.

The University of Pittsburgh — designated as an R1 research university at the forefront of innovation — is ranked No. 6 among U.S. universities in research funding from the National Institutes of Health, topping more than $1 billion in research expenditures in fiscal year 2022 and ranking No. 14 among U.S. universities granted utility patents.

The university has a long history of learning-technology innovations that are interdisciplinary and conducted within research-practice partnerships. By prioritizing inclusivity and practical experience without technical barriers, Pitt is leading the way in democratizing AI education in healthcare and medicine.

By working with these universities, NVIDIA aims to accelerate the innovation, commercialization and operationalization of a technical community for physical AI, robotics, autonomous systems and AI across the nation — and the globe.

These centers will tap into NVIDIA’s full-stack AI platform and accelerated computing expertise to gear up tomorrow’s technology leaders for next-generation innovation.

Establishing the Centers for AI Development 

Generative AI and accelerated computing are transforming workflows across use cases. Three key AI platforms comprise the engine behind this transformation: NVIDIA DGX for AI training, NVIDIA Omniverse for simulation and NVIDIA Jetson for edge computing.

Through the new centers and public-sector-sponsored research opportunities, NVIDIA will provide CMU and Pitt with access to these and more of the company’s latest AI software and frameworks — such as NVIDIA Isaac Lab for robot learning, NVIDIA Isaac Sim for designing and testing robots, NVIDIA NeMo for custom generative AI and NVIDIA NIM microservices, available through the NVIDIA AI Enterprise software platform.

Advanced NVIDIA technological support can help accelerate the research groups’ workflows and enhance the scalability and resiliency of their AI applications.

In addition, the universities will have access to certain generative AI, data science and accelerated computing resources through the NVIDIA Deep Learning Institute, which provides training to meet diverse learning needs and upskill students and developers in AI.

“Pairing Carnegie Mellon University’s existing deep expertise and resources in AI and robotics with NVIDIA’s cutting-edge platform, software and tools has tremendous potential to power Pittsburgh’s already vibrant innovation ecosystem,” said Theresa Mayer, vice president for research at CMU. “This unique collaboration will accelerate innovation, commercialization and operationalization of robotics and autonomy, advancing the best impacts of AI on society.”

“Pitt has a long history and extraordinary research strengths in life sciences and learning sciences,” said Rob A. Rutenbar, senior vice chancellor for research at the University of Pittsburgh. “By focusing on computational and AI opportunities across these ‘meds and eds’ areas, we plan to leverage our collaboration with NVIDIA to explore new ways to connect these breakthroughs to improved health and education outcomes for everybody.”

Fostering Cross-Industry Collaboration

As part of the AI Tech Community initiative, NVIDIA is also increasing its engagement with Pittsburgh-based members of the NVIDIA Inception program for cutting-edge AI startups and the NVIDIA Connect program for software development companies and service providers.

For example, Inception member Lovelace AI is developing AI solutions using NVIDIA accelerated computing and CUDA to enhance the analysis of kinetic data, providing predictive analytics and actionable insights for national security customers.

Skild AI, a startup founded by two Carnegie Mellon professors, is developing a scalable robotics foundation model, called Skild Brain, that can easily adapt across hardware and tasks.

Skild AI is exploring NVIDIA Isaac Lab, a unified, modular framework for robot learning built on the NVIDIA Isaac Sim reference application for designing, simulating and training AI-based robots.

NVIDIA is also engaging with Pittsburgh’s broader robotics ecosystem through its collaborations with the Pittsburgh Robotics Network — which speeds the commercialization of robotics, AI and other advanced technologies — and technology accelerators like AlphaLab and the Robotics Factory at Innovation Works, which supports startups based in the city that are focused on AI, robotics and autonomy.

And through its Deep Learning Institute, which has trained more than 650,000 people, NVIDIA is committed to furthering AI workforce development worldwide.

Veritone Track Improved with AI

-Veritone, Inc. (NASDAQ: VERI), a leader in building human-centered enterprise AI solutions, announced significant enhancements to Veritone Track, its advanced AI-powered digital video forensics tool for public safety and law enforcement. In the latest update, Veritone Track enables users to identify and track vehicles of interest by make and model across multiple video sources, offering greater speed and accuracy in investigative efforts without relying on personally identifiable information (PII). The update also integrates customer feedback, including a redesigned user interface that streamlines workflows and new functionality to automatically stitch together all video evidence where a person or vehicle of interest was found to create a cohesive timeline.

Veritone Track is one of the dynamic applications in Veritone’s intelligent digital evidence management system, iDEMS, a solution suite that leverages artificial intelligence to streamline the management and analysis of digital evidence, including audio and video, providing law enforcement agencies with powerful tools to handle vast amounts of data quickly and accurately. iDEMS is powered by Veritone’s leading enterprise AI platform, aiWARE™, which leverages the combined power of more than 300 pre-trained and trainable, best-of-breed cognitive AI and generative AI models across more than 20 cognitive categories in a single AI platform. Within aiWARE, Veritone’s ontology framework provides customers with several benefits, including the ability to conduct more complex data queries and analyses, derive deeper insights, improved data security and governance, enhanced collaboration and the ability to scale and easily change or add new data sources.

Designed to support law enforcement, public safety agencies and security teams, the latest version of Track leverages AI to detect vehicles of interest and automatically follow their movements using video footage from various camera sources, including closed-circuit television, body camera footage, drone camera footage, social media feeds and citizen uploads. This technology reduces the need for manual review of countless hours of footage, drastically improving case clearance rates and operational efficiency.

“Veritone Track’s latest enhancements significantly improve search and performance by utilizing the latest aiWARE functionality, adding vehicle tracking and up-leveling the ability for public safety and investigative teams to efficiently respond to and investigate public safety threats,” said Jon Gacek, general manager, Public Sector, Veritone. “The enhancements to Veritone Track also further strengthen our Intelligent Digital Evidence Management System (iDEMS), our AI-powered intelligent digital evidence management suite that helps agencies quickly access, search, manage, organize and share digital evidence — all of which can help accelerate investigations and improve legal processes.”

“It’s a top priority for MissionRT to equip the nation’s heroes with the latest mission-ready technology to efficiently solve cases and keep our communities safe,” said Richard Coleman, CEO and Founder, MissionRT. “The ability to leverage advanced AI for vehicle tracking can help officers manage vast amounts of data and enhance the speed and accuracy of investigations while safeguarding personally identifiable information.”

In addition to vehicle tracking, Veritone Track assists agencies with several other applications, including:

Video Surveillance Efficiency: Veritone Track enables public safety teams to analyze large volumes of video footage from different cameras and angles, reducing the manual effort required to review video evidence. This efficiency is crucial in time-sensitive investigations like missing person cases or high-profile crimes.

Event and Crowd Monitoring: Track is used for monitoring large-scale events by identifying and tracking suspicious vehicles or patterns. Agencies can use it for near real-time surveillance during public gatherings or protests to ensure public safety.

Enhanced Security in Sensitive Locations: Building and event security teams use Track to monitor vehicles that may pose a security threat or have been flagged in intelligence reports.

Cross-jurisdictional Collaboration: When used in conjunction with Veritone iDEMS, Track allows agencies to share vehicle data across jurisdictions, enabling collaboration on multi-agency investigations where vehicles of interest may have crossed into different areas.

Veritone will showcase Veritone Track and iDEMS in Booth #2201 during the International Association of Chiefs of Police (IACP) Annual Conference and Exposition, taking place October 19-22 in Boston.