Chuck Swoboda, chairman and chief executive officer at Cree (Nasdaq: CREE) , is “cautiously optimistic” about growth in the light emitting diode market.

Reuters reported Tuesday that Swoboda also said in an interview that the company could raise debt financing to support growth.

shares have increased sharply in value since Dec. 5, when they closed at $13.13, to as high as $28.92 on May 4. Its 52-week low is $12.57; the year-high is $29.37.

Cree shares traded around $27 on Tuesday.

Demand for LEDs has soften due to the economic slowdown hammering the auto industry, wireless devices and other consumer devices. However, Swoboda told Reuters that he is encouraged by demand for more energy efficient and long-lasting LED light fixtures, especially from cities.

"The initial signals are positive," he said.