Weebit Nano (ASX: WBT), the Israel-based semiconductor company seeking to develop and commercialise the next generation of memory technology, and XTX Technology, a Chinese provider of high quality memory solutions for consumer electronics, industrial embedded system, telecom and networking markets have signed a Letter-of-Intent (“LOI”) to co-operate in investigating ways in which XTX can use Weebit’s technology in its products.
XTX is a leading provider of flash memory chips, providing a variety of different Flash-based Non-Volatile Memory (NVM) solutions to about 2,000 customers, including some of the leading semiconductor companies worldwide. It is now seeking ways to incorporate into its products the latest technologies that exhibit the superior functionality and capability needed in more advanced applications starting to be provided today and believes Weebit’s SiOx ReRAM technology has the potential to be a strong fit for their needs.
Coby Hanoch, CEO of Weebit Nano, said: “We are very excited to engage with XTX, a leading provider of flash memory products, both inside China and around the world. We jointly identified a potential for co-operation by using Weebit’s SiOx ReRAM technology to replace some of XTX’s products that are based on older technologies reaching the limits of their capability.
“China is by far the largest consumer of semiconductor technology in the world. In addition to the application of Weebit’s SiOx ReRAM, we will also be exploring potential cooperation between our companies in sales and marketing activities in this strategic market. “
Mark Long, CEO of XTX Technology, said: “In the hi-tech domain, if you don’t constantly move forward you fall behind. We have examined many of the latest emerging memory technologies with a view to enhancing or replacing some of our products which are based on older technologies. We believe Weebit’s SiOx ReRAM technology might enable us to achieve this goal and are looking forward to this co-operation”.