Low noise, very high efficiency IMPATT diodes provide an attractive alternative to Gunn diodes for many millimetre-wave applications. In the Letter, GaAs Hi–Lo single-drift IMPATT diodes are demonstrated. The diodes are fabricated using molecular beam epitaxy and (at ~30 GHz) exhibit exceptional efficiencies (>20%), very low FM noise (–88 dBc/Hz at 100 kHz off-carrier) and simultaneous CW power levels in excess of 300 mW.