October 29, 2009

Cree CEO Joins Energy Secretary Chu to Discuss Economy and Energy Efficiency

WASHINGTON, D.C. -- Today, Chuck Swoboda, chairman and chief executive officer of Cree, Inc. (Nasdaq: CREE) joined U.S. Energy Secretary Steven Chu at the Clean Energy Economy Forum to discuss science, innovation and job creation in the new clean economy. Cree, based in Durham, North Carolina, is a market-leading manufacturer of LED (light-emitting diode) products.

Swoboda was one of four CEOs invited to participate in a panel discussion and question-and-answer session on energy efficiency and the creation of new jobs in clean technology that will help drive American energy independence. Senior Advisor to the President Valerie Jarrett, Assistant to the President for Energy and Climate Change Carol Browner and Department of Energy Assistant Secretary for Energy Efficiency and Renewable Energy Cathy Zoi were also featured speakers at the event.

“The clean economy won’t happen by talking about it. Real, sustained job growth will only follow the creation of a viable market for clean products and technologies. We’re creating a market,” said Swoboda.

Cree was founded in 1987 by graduates from North Carolina State University, with the idea that innovation is the key to business success. Cree now boasts more than 3,200 global employees and recently announced the creation of 575 new jobs to be filled over the next few years in its home state of North Carolina.

“LED lighting is all about energy efficiency, and I believe it is the single most important thing we can do to impact the energy equation in the next 20 years,” explained Swoboda. “Yes, LED lighting costs more upfront, but the benefit is that it pays for itself in energy savings and lower maintenance costs. To those that say we can’t afford to do this, I tell you that we cannot afford not to do this. The cleanest, cheapest energy is the energy we don’t use.”

Swoboda previously met with President Obama in July of this year as part of a roundtable discussion on American innovation and clean energy technology.

About Cree
Cree is leading the LED lighting revolution and setting the stage to obsolete the incandescent light bulb through the use of energy-efficient, environmentally friendly LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting, and semiconductor solutions for wireless and power applications.

Cree’s product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and radio-frequency/wireless devices. Cree solutions are driving improvements in applications such as general illumination, backlighting, electronic signs and signals, variable-speed motors, and wireless communications.
For additional product and company information, please refer to www.cree.com.

To learn more about the LED Lighting Revolution, please visit www.creeledrevolution.com.

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the possibility that actual savings may vary from expectations; the rapid development of new technology and competing products that may impair demand or render Cree’s products obsolete; and other factors discussed in Cree’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 28, 2009, and subsequent filings.