Why is the Weebit Nano share price whizzing 18% higher today?

The Weebit Nano share price is having a strong day…

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The Weebit Nano Ltd (ASX: WBT) share price is racing higher on Thursday.

In early afternoon trade, the semiconductor company's shares are up 18% to $2.78.

Why is the Weebit Nano share price racing higher?

The catalyst for the rise in the Weebit Nano share price today has been the release of an update on the company's Resistive Random-Access Memory (ReRAM) module.

According to the release, the company has successfully completed the full technology qualification of its ReRAM module manufactured by its research and development partner CEA-Leti.

Management notes that this is the first full qualification of Weebit ReRAM technology, which is a key step that must be completed for every semiconductor product on each new target process.

The qualification, using Weebit's demo chips incorporating its ReRAM module, was performed based on well-known JEDEC industry standards for non-volatile memories (NVMs). It confirmed the suitability of Weebit's embedded technology for volume production.

The results demonstrate high endurance, long data retention (before and after endurance testing), as well as industrial-grade high-temperature stability.

Management believes that these represent key advantages of Weebit ReRAM compared to other embedded NVM technologies.

'A major milestone'

Weebit Nano's CEO, Coby Hanoch, said:

Successfully completing full qualification of our technology is a major milestone. As is customary for NVM qualification and semiconductors devices in general, tests are based on industry standards, providing confidence in the quality, repeatability and reliability of Weebit's ReRAM.

Leti's state-of-the-art fab makes these qualification results significant and relevant for other foundries and potential customers and could be used by customers as a baseline for their qualification process. We are now engaged at various stages with multiple Tier-1 foundries and semiconductor companies, and having achieved this milestone, our activities with potential customers are accelerating.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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