Wireless battery recharging systems developer Powermat Ltd. has acquired rival PowerKiss of Finland. The company did not disclose the size the deal, but it was probably a few tens of millions of dollars.
Powermat was founded in 2006 by CEO Ran Poliakine and Dr. Amir Ben-Shalom. The company makes flat surfaces for recharging electronic devices. Two years ago, it established a joint venture with Procter & Gamble Co. (NYSE: PG) subsidiary Duracell, Duracell-Powermat, to distribute its products to end users. Powermat continues to independently sell its products to entities, such as cafes and airports.
Powermat says that has deployed over 1,500 charging spots in the US and that PowerKiss has installed over 1,000 charging spots in airports, hotels, and cafes in Europe.
Powermat's success depends on the adoption of its PMA standard, which PowerKiss also uses, while most major mobile phone makers, including Samsung Electronics Co. Ltd. (KSX: 5930; LSE: SMSN), LG Corporation (KSX: 3550), and Nokia Corporation (NYSE; OMX: NOK) use the competing QI standard.
Published by Globes [online], Israel business news - www.globes-online.com - on May 21, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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