Herein, AlGaN/GaN lateral diode with the Schottky‐Metal‐Insulator‐Semiconductor (MIS) cascode anode (CALD) to optimize forward voltage drop (VF) and reverse leakage current (ILEAK) trade‐off is proposed. In the CALD device, a normally‐on Ni/HfO2/AlGaN MIS‐controlled channel as well as a lateral Ni/GaN Schottky contact are cascoded at the anode. The designed normally‐on MIS‐controlled channel has high electron concentration at forward bias and prevents high electric‐field at reverse bias, which ensure both low VF and low ILEAK. Meanwhile, the Ni/GaN Schottky contact with a high Schottky barrier height further suppresses the ILEAK. As a result, the fabricated CALD demonstrates an optimized VF–ILEAK trade‐off relationship, including a low VF of 1.6 V and a low ILEAK of 5.2 × 10−8 A mm−1 (at reverse voltage of 400 V), together with a high breakdown voltage (BV) >700 V. These high performances suggest that the CALD can be a promising candidate for GaN power diode applications requiring a better VF–ILEAK trade‐off.
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