Shares of Wolfspeed jumped nearly 25% Tuesday when the maker of high-speed semiconductors reported it could receive as much as $2.5 billion in government and private funding.

Wolfspeed stock jumped Tuesday after the electric-vehicle chip maker said it secured new financing and could get even more funding from the U.S. Chips Act. The stock was up 22% to $13.94. The chip maker said Tuesday it had secured $750 million in funding from an investment group led by Apollo,

Wolfspeed Inc., a manufacturer of chips used primarily in electric vehicles, is in line to win $750 million in US government grants as well as $750 million in financing led by Apollo Global Management Inc.

Wolfspeed (NYSE:WOLF) shares have surged more than 25% premarket Tuesday after it announced that it will receive significant financial support, with $750 million proposed from the U.S. Department of Commerce under the CHIPS