Cree. Inc has entered a patent licensing agreement with Mistsubishi Chemical Corporation for its freestanding GaN substrate technology. Under the terms of the agreement, Mitsubishi Chemical Corporation will be able to manufacture and sell GaN substrates as well entering in to some sublicensing agreements in exchange for paying royalties and other payments to Cree.

Steve Kelley, Cree’s CEO, commented on the deal:

"Cree is pleased to enter into this license agreement with MCC, a well-known and respected materials supplier that has both the resources and expertise to take full advantage of Cree’s GaN substrate technology. The license agreement is a further indication of Cree’s willingness to promote innovation and technological advances in optoelectronic materials, while realizing additional value from our intellectual property."