Cree might get additional financial assistance from the state as it continues adding new jobs and expanding its Durham manufacturing plant.
But it recently received a bigger pot of money to pay for expansion, thanks to investor optimism about Cree's prospects. The company's stock has more than doubled this year as Wall Street bets that Cree will benefit from increasing demand for energy efficient LED lighting.
Bolstered by the stock's surge, Cree last month sold nearly $400 million worth of new shares and earmarked about $150 million of that money for capital expenditures.
"Business is very good for Cree and they're struggling to add capacity," said Harsh Kumar, an analyst with Morgan Keegan & Co. "As the federal stimulus money is kicking in, as the population is becoming more green, LED lighting is a very compelling product."
Later today, Cree CEO Chuck Swoboda and Gov. Beverly Perdue are scheduled to announce "new green jobs in North Carolina" at Cree's Durham headquarters. Perdue's presence suggests that Cree could get more state aid.