DURHAM, NC -- LED lighting manufacturer Cree, Inc. (Nasdaq: CREE), announced on Wednesday that "Wolfspeed" is the new name for its spinoff Power and RF (radio frequency) division. The company announced in May that it would separate the business into a standalone company.

In a contract announced on Tuesday, worth more than $4 million dollars, RF technology developed through Wolfspeed will be used in the new Air Force F-35 fighter.

The company, based in Durham, says new name combines important elements of Cree’s culture and expertise and allows the Power and RF division to build brand equity while operating as a separate business.