Electro-optical products supplier Gentex Corporation GNTX has entered into a partnership agreement with wireless power transfer technology company Solace Power.
The partnership is to further develop, manufacture, and commercialize Solace's wireless power systems within a wide variety of industries.
The agreement will also see a strategic investment by Gentex in Solace Power. The financial terms were not disclosed.
Solace Power's proprietary technology, supported by 27 patents, can continuously deliver up to 3 kilowatts of power at distances up to 375mm through various mediums, including air, glass, wood, and concrete.
The parties will leverage Gentex's manufacturing and product development capabilities to help Solace achieve market scale.
"This collaboration has the potential to change the future of design, where power is not just transmitted but intelligently integrated into the very fabric of product design," said Gentex Chief Technology Officer Neil Boehm.
Price Action: GNTX shares traded higher by 0.38% at $31.89 on the last check Monday.
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