STMicroelectronics, Europe's largest semiconductor chip maker based on revenue, is investing heavily in silicon carbide, which is suitable for many industrial applications, such as solar inverters, thanks to its high energy efficiency and low losses in energy conversion. Marco Monti, president of ST's automotive and discrete group, said he believed 50% of the power semiconductors market in 30 years will be based on SiC. CEO Jean-Marc Chery has consistently stated his intent to capture 30% of the SiC market, projected to be a $3.7 billion market by 2025. The company's recent $250 million agreement with Cree, an American semiconductor manufacturer, and acquisition of a 55% stake in Norstel, a Swedish SiC wafer supplier, suggests that STMicroelectronics has been making strategic moves to control the entire supply chain. Its patent portfolio reveals that it has been consistently innovating photovoltaic cells at least since 2009.