German semiconductor manufacturer Infineon announced that it will take a large share of the gallium nitride (GaN) chip market after revealing a technological breakthrough that the company says will reduce production costs.

According to CEO Jochen Hanebeck, the market for this technology will reach several billion dollars by the end of the decade. “We want to shape this market,” he said.

GaN chips, an alternative to silicon, are favored for their greater efficiency, speed, light weight, and ability to function under high temperatures and voltages. These chips allow for the creation of smaller chargers for laptops, smartphones, and electric vehicles.

The company expects GaN chip prices to approach those of silicon chips in the coming years. Infineon has become the first in the world to produce GaN chips on 300-millimeter wafers, which Hanebeck says reduces costs since 2.3 times more chips can fit on 300mm wafers compared to 200mm ones.