IR and EPC Reach Settlement and Royalty Agreement Related to GaN Power

International Rectifier Corporation (IR) today announced that it has entered into a settlement agreement with Efficient Power Conversion Corporation (EPC) that will result in the payment of royalties to IR on the sale of Gallium-Nitride (GaN) on Silicon based power devices from 2015-2023, subject to an offset in certain cases. The settlement agreement resolves all disputes between EPC and certain of EPCy’s principals, including Alex Lidow, and IR without judicial determination of the merits of any party’s claims or defenses. Other terms of the agreement are confidential.

IR brought suit against EPC, Alex Lidow and others in 2009 for misappropriation of trade secrets associated with its GaN on Silicon program. Alex Lidow had also sued IR for wrongful termination as the company’s CEO. When the settlement occurred, the matter was awaiting trial in the Los Angeles Superior Court.

“We believe this resolution is positive for IR and will allow the company to put this dispute behind us,” stated IR’s President and Chief Executive Officer, Oleg Khaykin. “We will continue to direct our attention and resources to the commercialization of our GaN-on-Silicon technology platform as well as continuing to innovate and improving our leading competitive position in GaN on Silicon based power devices.”