Power Integrations to Acquire the Assets of Odyssey Semiconductor

Power Integrations (NASDAQ: POWI), the leader in
high-voltage integrated circuits for energy-efficient power conversion,
announced an agreement to acquire the assets of Odyssey Semiconductor
Technologies (OTCQB: ODII), a developer of vertical gallium-nitride (GaN)
transistor technology. The transaction is expected to close in July 2024,
after which all key Odyssey employees are expected to join Power
Integrations’ technology organization.

The acquisition supports the company’s ongoing development roadmap for its
proprietary PowiGaNT technology, which is featured in many of the company’s
product families including InnoSwitchT ICs, HiperPFST-5
power-factor-correction ICs and the recently launched InnoMuxT-2 family of
single-stage, multiple-output ICs. The company introduced 900- and 1250-volt
versions of PowiGaN technology and products in 2023.

Commented Dr. Radu Barsan, Power Integrations’ vice president of technology:
“Power Integrations has been at the forefront of GaN development and
commercialization since we began shipping products with PowiGaN technology
in 2018. We are executing on an ambitious roadmap that includes driving
toward cost parity with silicon MOSFETs and expanding the voltage and power
capabilities of PowiGaN. Our goal is to commercialize a cost-effective
high-current and high-voltage GaN technology to support higher-power
applications currently served by silicon carbide (SiC), at a much lower cost
and higher performance enabled by the fundamental material advantages of GaN
over SiC. The experience of the Odyssey team in high-current vertical GaN
will augment and accelerate these efforts, and we are delighted to add them
to our team.”

Added Dr. Richard Brown, Odyssey co-founder and CEO: “The Odyssey team and I
are excited to join Power Integrations in accelerating their GaN technology
roadmap. As the first company to commercialize high-voltage GaN, Power
Integrations continues to lead the industry in driving the technology
forward in terms of cost, voltage and current, as well as the design of
system-level products that take full advantage of the capabilities of GaN.”

About Power Integrations

Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the
generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts.

For more information, please visit www.power.com