P&G's Duracell, Powermat Partner on Wireless Chargers
Procter & Gambles (NYSE:PG) Duracell battery unit is teaming with Powermat to expand development of wireless power products in an effort to shift consumers away from wire chargers for cell phones and other mobile devices.
The two companies will develop small charging mats and receivers that allow customers to wirelessly charge their mobile devices. While Powermat already specializes in similar products, its partnership with Duracell widens its audience while giving Duracell a boost in the mobile charging market where it has so far been unsuccessful.
In a not too distant future, we expect wireless power solutions to eliminate the hassle of multiple cords and chargers, creating a major growth opportunity, Duracell president Stassi Anastassov said in a statement.
The joint venture, which will be based on Powermats wireless technology, is part of a strategic alliance between the Duracell brand and Powermat, and while no financial details were disclosed, P&G said it expects to make an equity investment in Powermat.
The venture, which will be based on Powermats wireless technology, is slated to kickoff early next year. Powermat launched into the wireless industry in 2009 with its wireless charges and has gained momentum in the market.
Unfortunately, these same devices have become ever more power hungry, creating the need for a wireless charging technology that keeps those devices always ready, the companies said in a statement.
Powermat has been trying to expand its presence across retail channels, and even entered into a deal with General Motors (NYSE:GM) earlier this year to integrate its wireless products in new cars.
IHS iSuppli, an electronic component research and trend forecaster that backs the Duracell Powermat deal, estimated that the worldwide retail market for wireless charging will be a multi-billion dollar market by 2015.
P&G is expected to own 55% of the venture, with Powermat owning 45%, according to a report by the Associated Press.