New Hampshire company targets $100 million equity raise for silicon carbide factory
Four years after a high-risk, high-reward venture with Apple Inc. blew up, GT Advanced Technologies Inc. is quietly mounting a comeback.
Since emerging from bankruptcy in 2016, GTAT has gradually pivoted from the industrial equipment business to materials production, while burying the memory of a messy public divorce from Apple. GTAT abruptly collapsed into chapter 11 when a deal to mass-produce superhard sapphire for iPhone screens fell apart, wiping out hundreds of millions of dollars in market value.
After converting creditors into stockholders, GTAT reoriented itself around the production of silicon carbide, a superhard material expected to grow into a $5.2 billion industry by 2030, according to Goldman Sachs Group Inc.