Mitsubishi Electric, a multinational electronics and electrical equipment manufacturing company, and Denso, a global automotive components manufacturer, agreed to invest $1bn in SiC Business of Coherent, a manufacturer of optical materials and semiconductors. "The electric vehicle market is expanding worldwide and is one of several emerging applications driving the exponential growth of SiC power devices, which offer lower energy loss, higher operating temperatures and faster switching speeds than conventional silicon power devices. The high efficiency of SiC power devices is expected to contribute significantly to global decarbonization and green transformation," Mitsubishi Electric.