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 early Tuesday after the EV chipmaker said it secured new financing and could get even more funding from the U.S. Chips Act. The stock was up 21% to $13.77 in the premarket Tuesday.

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.