Light-emitting diode and semiconductor manufacturer Cree (Nasdaq: CREE) and Nippon Steel will be working closely together in the manufacturer of silicon carbide materials for use in lighting, power switching and transistors for wireless devices.

The companies announced a licensing agreement on Monday under which Nippon Steel gained rights to manufacture silicon materials.

In exchange, Cree will receive “certain financial considerations” as well as rights to some Nippon Steel patents.

For details, read here.

Get the latest news alerts: Follow WRAL Tech Wire at Twitter.