Yesterday the Japanese foundry JS Foundry filed for bankruptcy with the Tokyo District Court.
The filing followed the collapse of talks with other companies to co-operate on SiC technology.
In 2023, JS Foundry’s first year of operation, it had revenues of $68 million, but last year revenues were $17.6 million. It has debts of $110 million.
The foundry was backed by the Development Bank of Japan (DBJ) which is backed by the Japanese government.
The company operates a 41 year-old fab built by Sanyo in Niigata Prefecture, which Sanyo sold to onsemi in 2011. Onsemi sold it to JS Foundry in 2022,
The three year-old company, which employs 550 people, makes power semiconductors. It was founded by an affiliate of the DBJ called Mercuria Investment and financial advisory group Sangyo Sosei Advisory.
The power semiconductor market has been hit by slow EV sales and more intensive competition from China. SiC specialist Wolfspeed filed for bankruptcy last month and, earlier this month, Renesas abandoned a plan to start SiC production later this year.
