The brand was acquired last year by Neil Stephenson-backed Mira Marketing

Cycling clothing brand Attacus has received funding it says will help it to move faster in delivering new products and breaking into new markets.

The Newcastle-based firm, which is owned by Mira Marketing, has secured the backing of NPIF II – NEL Smaller Loans, which is managed by NEL Fund Manager. It comes nearly a year after Attacus was acquired by the Ouseburn-based marketing agency having been a client.

NEL has declined to make public the size of the loan, though sums from that fund are typically between £25,000 to £100,000. It says the funding will support the next stage of growth for Attacus, which focuses on performance, comfort and modern design – taking cues Italian manufacturing.

The funding will be used to expand the brand’s product range, increase stock depth across key lines, and accelerate marketing activity and brand development. It will also be used to boost ecommerce infrastructure, creative production, and international growth, particularly in key cycling markets across Europe and beyond.

Stuart Bramley, founder of Mira Marketing and owner of Attacus, said: “Working with NEL has been a really positive experience. They understand the ambition behind Attacus and have backed that with both investment and support that goes beyond just capital.

“This partnership gives us the confidence to move faster and make better long-term decisions – whether that’s in product development, brand positioning, or expanding into new markets. It’s a key step in building Attacus into a globally recognised cycling brand.”

Susan Snowdon, investment executive at NEL Fund Managers, added: “Neil Stephenson approached me during a Sunderland Platform event to discuss plans he and Stuart had after acquiring the brand, as well as the potential need for investment. With their combined expertise and vision, it was an exciting opportunity to be involved. I wish them all the best as they pursue their growth ambitions.”

Sarah Newbould, senior investment manager at the British Business Bank said: “Through the Northern Powerhouse Investment Fund II, we are committed to improving access to finance for innovative companies with strong growth potential and supporting ambitious businesses across the North to scale sustainably is central to our purpose. This investment will help Attacus build on its foundations and accelerate it next phase of development, both in the UK and internationally.”

The £660m Northern Powerhouse Investment Fund II is intended to drive economic growth by supporting businesses across the entire North of England. It provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

DURHAM, N.C. — Shares of Wolfspeed Inc. surged more than 13% in morning trading Tuesday, climbing to $60.14 as investors cheered the silicon carbide specialist’s aggressive expansion into artificial intelligence data center power solutions following its announcement of a dedicated team in Silicon Valley.

The rally came on heavy volume, extending recent volatility in the stock that has seen dramatic swings amid the company’s post-restructuring recovery and growing ties to high-growth AI infrastructure markets. As of 11:28 a.m. EDT, Wolfspeed shares had risen $7.18, or 13.57%, on the New York Stock Exchange.

The move builds directly on Monday’s news that Wolfspeed established a new data center solutions team and regional office in Santa Clara, California. The initiative aims to strengthen collaboration with hyperscalers and original design manufacturers developing next-generation power architectures for AI clusters.

Strategic Expansion into AI Power

Wolfspeed appointed industry veterans Ganesh Srinivasan as senior vice president to lead the data center solutions team and Yogesh Ramadass as vice president of power systems solutions and fellow. Both bring deep experience from Texas Instruments and other major semiconductor firms.

CEO Robert Feurle highlighted the urgency of the shift. “The sheer scale of AI computing demands a fundamental rewrite of data center power architecture. Moving to higher voltages is no longer optional — it’s a necessity,” he said in the announcement.

Wolfspeed’s silicon carbide technology enables more efficient, compact power conversion critical for managing the massive energy demands of modern AI training and inference systems. The company positions its high-voltage SiC solutions as key to reducing energy loss in hyperscale facilities.

Post-Restructuring Momentum

The latest initiative comes months after Wolfspeed completed a significant financial restructuring, including Chapter 11 proceedings that reduced debt and strengthened its balance sheet. The company has refocused on core silicon carbide growth areas, including automotive, industrial, energy and now data centers.

Fiscal third-quarter results reported in May showed revenue of approximately $150 million, in line with guidance, though the company continued posting losses amid capacity ramp investments. Management projected fourth-quarter revenue between $140 million and $160 million.

Despite ongoing negative gross margins due to underutilized manufacturing footprint, investors appear to be betting on long-term potential in AI-related applications. Wolfspeed’s stock has shown strong year-to-date performance, though it remains well below peaks reached in prior years.

Market Context and Analyst Views

The surge reflects broader enthusiasm for semiconductor companies tied to AI infrastructure. Silicon carbide demand is rising as data centers seek higher efficiency to handle increasing power densities from advanced GPUs and accelerators.

Analysts have noted the company’s strategic repositioning. Some highlighted its fabs and specialized technology as difficult to replicate, contributing to optimistic commentary that has fueled recent buying interest. However, risks remain around execution, competition and the pace of AI capital spending.

Wolfspeed’s 52-week range illustrates the stock’s volatility, with shares trading significantly higher than earlier lows but facing pressure from macroeconomic uncertainties and sector rotations. Short interest has fluctuated but remains a factor in price swings.

Operational and Capacity Developments

The company continues expanding production capacity for silicon carbide wafers and devices. Recent product introductions, including new 3.3 kV power modules, target high-power applications in data centers and industrial markets. These launches align with the new data center team’s focus.

Leadership changes, including the Asia-Pacific regional president appointment effective June 1, further support global commercial execution alongside the U.S. data center push.

Challenges and Outlook

Wolfspeed operates in a capital-intensive industry where scaling production while maintaining quality and margins presents ongoing hurdles. The company has invested heavily in facilities, contributing to current losses but positioning it for potential volume growth as customer qualifications advance.

Broader semiconductor supply chain dynamics, including raw material costs and geopolitical factors, could influence results. Management has emphasized disciplined capital allocation following restructuring.

For fiscal 2026, the focus remains on improving utilization rates and securing design wins in high-voltage applications. The data center vertical offers a promising new revenue stream, though meaningful contributions may take several quarters to materialize.

Investor Sentiment and Broader Implications

Tuesday’s trading activity suggests renewed confidence in Wolfspeed’s AI adjacency story. The stock’s performance stands out against a mixed session for many technology names, highlighting the market’s selective appetite for thematic growth plays.

Longer term, success will depend on converting the Silicon Valley presence and new hires into tangible customer agreements and revenue. Hyperscalers’ aggressive data center buildouts provide a supportive backdrop, but competition from established power semiconductor players remains intense.

As the trading day continues, attention will likely stay on any follow-through momentum and potential analyst commentary. Wolfspeed’s trajectory reflects the evolving semiconductor landscape, where specialization in wide-bandgap materials like silicon carbide gains prominence amid the AI revolution.

Market participants will monitor upcoming updates on design wins, capacity ramps and fiscal fourth-quarter results for further signals on execution. With its strengthened balance sheet and targeted expansion, Wolfspeed aims to capitalize on one of the technology sector’s most dynamic growth areas.