The Weebit Nano Ltd (ASX: WBT) share price is charging higher for a second day in a row.
In morning trade, the memory technology developer's shares are up 8% to $3.15.
This means the Weebit Nano share price is now up 20% in the space of two days.
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Why is the Weebit Nano share price shooting higher?
The catalyst for the rise in the Weebit Nano share price on Wednesday has been the release of a promising announcement.
According to the release, demo chips integrating its embedded Resistive Random-Access Memory (ReRAM) module have successfully completed their functional testing phase. Management notes that this is a key step towards delivering a commercial product.
Testing included programming and reading of the entire ReRAM array using smart algorithms, error correcting code, and various data manipulations. It also included testing the operation of the complete sub-system, comprising all communication interfaces and system peripherals.
Positively, the entire chip is performing as expected.
Weebit Nano's ReRAM is aiming to address the growing need for significantly higher performance and lower power memory solutions in a range of new electronic products such as Internet of Things (IoT) devices, smartphones, robotics, autonomous vehicles, 5G communications and artificial intelligence.
What's next?
As a result of the above, potential customers can now use the demo chips to test Weebit's ReRAM technology ahead of commercial orders and volume production.
Ahead of potential orders, chips based on a similar design are currently being prepared for fabrication in SkyWater Technology's US production fab.
Once the module is qualified at SkyWater, volume production can commence. The transfer of Weebit's embedded ReRAM technology to SkyWater's production fab is progressing on schedule.
Weebit Nano's CEO, Coby Hanoch, said: "Our team tested the complete demo chip including the full memory array, the advanced features of our memory module, and the entire system, and confirmed that it functions as expected. This is the first time we can see Weebit's innovative memory technology operating live in a fully functional chip. We are now moving into a new phase of our roadmap during which customers can confidently begin designing Weebit ReRAM into their SoCs. The characterisation process is now underway and will be immediately followed by full qualification."
