The Company is engaged in developing and manufacturing semiconductor materials and electronic devices made from silicon carbide, gallium nitride and related compounds.
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Cree's R&D has a prototype with an efficacy over 3 times what's currently available in the market at places like Home Depot. That outperforms CFLs by a wide enough margin to be a game changer.
http://www.cree.com/news-and-events/cree-news/press-releases/2012/april/120412-254-lumen-per-watt