Odyssey Semiconductor Technologies, a semiconductor device company developing innovative high-voltage power switching components based on proprietary Gallium Nitride ("GaN") processing technology, announces product sample fabrication is complete with shipments to customers commencing in Q1 2023.

"Our backlog of customers has been eagerly waiting for these vertical GaN product samples. I'm proud to report that fabrication was completed as planned in Q4 2022 and now the samples are being prepared for shipment to customers later this quarter," said Mark Davidson, Odyssey's Chief Executive Officer. "We will work closely with these initial customers to gain valuable feedback on their product features. We expect to secure product development agreements with customers by the end of Q2 2023."

The completion of product sample fabrication reinforces Odyssey's position as the technology leader in vertical GaN for power applications. It requires our significant intellectual property to fabricate products that apply to customer use cases. Odyssey continues to develop and protect the IP required and will gain a further advantage by partnering with lead customers who will provide additional insights to ensure product success.

Odyssey's approach to vertical GaN will offer even greater commercial advantages over silicon than silicon carbide or lateral GaN. Vertical GaN offers a 10x advantage over silicon carbide (SiC) at performance and cost levels unattainable by competing technologies.

The market the Company is pursuing is large and fast-growing. The 650 V segment is the larger market today, expected to grow at a 20% compound annual growth rate. The 1200 V product market segment is expected to grow faster at 63% CAGR and will become the larger market in the second half of this decade. Together, the 650 and 1200 V power device market is expected to exceed $5 billion in 2027, a 40% combined CAGR according to Yole Group, a French market research firm.