(Yicai Global) June 26 -- Chinese electric vehicle power supplier Shinry Technologies has announced a deal with US-based semiconductor firm Wolfspeed to enter the supercharging station business.

Shinry has been working since 2013 with Wolfspeed, known as CREE before 2021, and the two firms have jointly developed the world's first onboard power supply with a conversion efficiency of 96 percent, the Shenzhen-based firm said in a statement posted on its website yesterday.

Shinry said its two-way charging and discharging and silicon carbide technologies are industry-leading in China, adding that together with Wolfspeed it will develop Silicon Carbide Metal Oxide Semiconductor Field-Effect Transistors for new energy vehicles and charging piles.

SiC is one of the main materials used in third-generation semiconductors and is not bound by the physical limits of traditional silicon-based power chip devices. It can be used for devices that can adapt to high temperatures and voltage and offers improved efficiency.

On June 20, Shinry released a first-generation Super Charger Module supercharging station solution and launched two different power supercharging modules of 60 kilowatts and 75 kW.

Shinry stated that this cooperation will help Wolfspeed's SiC products penetrate the huge new energy vehicle market faster and expand Wolfspeed's market share in SiC products globally.

According to its financial report, Shinry’s operating revenue reached CNY1.5 billion (USD232.5 million) in 2022, an increase of 62 percent from the previous year, but it had a net loss of CNY28.1 million (USD4.4 million), compared with net profit of CNY25.5 million in 2021.

The news failed to boost the firm’s shares [SHE:300745], which fell 4.8 percent to CNY40.7 (USD5.80) today. The shares have sunk 10 percent over the past week.

Editor: Tom Litting