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.

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.

Money will go to the chipmaker's new silicon carbide factory in North Carolina and factory in Marcy, New York.