BUZZ - Navitas shares surge as it secures US Army-backed semiconductor project

September 28 - ** Shares of chip company Navitas Semiconductor NVTS.O rose 21.5% in after-hours trading to $14.25

** Navitas won a project supported by the U.S. Army (link), to develop 10kV silicon carbide power semiconductors

** Silicon carbide (SiC) is a semiconductor material that helps power devices handle higher voltages, temperatures, and power levels more efficiently than traditional silicon chips

** The project aims to develop and test a new U.S.-based manufacturing process for ultra-high-voltage SiC power devices

** The project also aims to accelerate the adoption of 10kV SiC devices in military and infrastructure sectors

** As of the previous trading day's close, NVTS shares had gained 62% year-to-date

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