Cree Reinvents Light Experience with Cutting-Edge WaveMax Technology

Breakthrough LED Optical Platform Delivers Superior Value, Visual Performance and Energy-Saving Potential

DURHAM, NC -- Cree, Inc. (Nasdaq: CREE) ushers in a new era of LED lighting with the introduction of Cree WaveMax™ Technology, an optical breakthrough that enables next-generation light experiences. Challenging the possibilities of today’s lighting, the waveguide platform features a revolutionary combination of control, uniformity and efficiency to deliver a superior visual experience in new form factors that are intelligent in both design and function – achieved only through Cree® LED technology.

WaveMax Technology“Cree is surpassing assumed boundaries of LED technology, driving breakthroughs that fundamentally transform the way light is experienced,” said Norbert Hiller, Cree executive vice president, lighting. “With WaveMax™ Technology, we are delivering our most intelligent light yet, enabling the future of highly-efficient, modern building designs to become today’s reality, while accelerating adoption of better LED lighting at greater value.”

Featuring Cree DiamondFacet™ optical elements to achieve up to 90 percent optical efficiency and precise optical control, Cree WaveMax Technology can deliver unmatched visual comfort, uniform illumination and improved color quality while enabling unprecedented design capabilities and energy-saving potential for modern LED luminaires. As a result, high-CRI (color rendering index) lighting and warmer color temperatures can be achieved without sacrificing efficacy and enhancing the ability to achieve USGBC LEED® certification.

The first interior LED luminaire to feature WaveMax Technology, the Cree LN Series suspended ambient luminaire combines precise indirect/direct optical control and exceptional efficacy in a sleek, architectural suspended luminaire for both new and existing commercial building spaces. Featuring a modular design to simplify installation and improve design freedom with increased spacing between luminaires, the highly efficient LN Series luminaire enables quiet ceilings for vibrant spaces, at a price aimed to drive adoption. When paired with Cree’s intuitive SmartCast® Technology wireless controls, occupants experience intelligent light at an affordable price, creating a customizable lighting environment that can save more than 70 percent in energy costs over outdated linear fluorescent lighting.

Cree also unveils the Cree IG Series LED parking garage luminaire, bringing technology-driven design aesthetics to obsolete the more than four million parking garage luminaires installed in the U.S. Featuring WaveMax Technology for streamlined design and efficacy, the IG Series transforms the look of parking garages with superior low-glare illumination. The highly efficient luminaires can deliver more than 80 percent energy savings and quick payback of less than two years with 24 hour-a-day usage compared to outdated metal halide lighting. Programmable motion controls further increase these savings and enable a simple way to customize settings for high or low occupancy applications.

“Cree continues to prove that long-lasting LED technology can do infinitely more than save energy and maintenance costs – it's the smarter choice for our bottom line, tenants and buyers experience," said Steve Maranos, vice president of technology, CMC Group, Inc. "With Cree's IG Series luminaire, we're rethinking what lighting can do. It is unlike any solution on the market - delivering the modern design, controllability and low-glare illumination with performance that exceeds our expectations for any parking application, all while delivering significant ongoing savings at an affordable price."

Cree will debut the first of its innovative new luminaires to feature WaveMax Technology at LIGHTFAIR® International in New York, May 5-7, 2015, along with Cree’s full portfolio of market-leading LED technology. Cree LN Series and IG Series luminaires are targeted for availability in the United States and Canada in summer 2015. Please contact a Cree lighting sales representative for details. Please visit www.cree.com/wavemax for additional information.

About Cree
Cree is leading the LED lighting revolution and making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, mercury-free LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting, and semiconductor products for power and radio frequency (RF) 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 RF devices. Cree® products are driving improvements in applications such as general illumination, backlighting, electronic signs and signals, power suppliers and solar inverters.

For additional product and company information, please refer to www.cree.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 risk that actual savings and lifetimes will vary from expectations; the risk we may be unable to manufacture these new products with sufficiently low cost to offer them at competitive prices or with acceptable margins; the risk we may encounter delays or other difficulties in ramping up production of our new products; customer acceptance of LED products; 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 29, 2014, and subsequent filings.

Cree® and SmartCast® are registered trademarks and WaveMax™ and DiamondFacet™ are trademarks of Cree, Inc.

LIGHTFAIR® is a registered trademark of the International Association of Lighting Designers, Ltd.

LEED® is a registered trademark of the U.S. Green Building Council (USGBC).