Wireless charging has the potential to create efficient, hassle-free solutions for electric vehicles

• The agreement will allow FinePowerX to use WiTricity's wireless charging IP for electric vehicle applications
• WiTricity's highly efficient and patented charging solution provides a flexible and interoperable wireless charging system design
• Companies are investing in wireless charging to make electrification more efficient, easier to use and more appealing to the mass market

SEOUL, South Korea and WATERTOWN, Mass., Nov. 29, 2022 /PRNewswire/ -- WiTricity, the global leader in wireless charging for electric vehicles, and FinePowerX, a South Korean-based supplier and total solution leader in smart factory technology, today announced they have entered into a technology licensing agreement. The agreement enables FinePowerX to develop and commercialize products using WiTricity's patented magnetic resonance technology for personal mobility applications such as electric vehicles.

"We know wireless charging is the future for charging electric mobility devices of all kinds, and we're excited to welcome FinePowerX as a licensee to expand the adoption of electric mobility by streamlining the charging experience," said Stephen Tsao, Managing Director for Asia, WiTricity. "We are proud to see our intellectual property, technology and know-how accelerate industry growth, and we look forward to partnering with FinePowerX to continue the momentum."

Wireless charging has become a priority for automakers as they seek to make electrified vehicles more user-friendly and appealing to the mass market and prepare for a future that is autonomous. Automakers in South Korea, where FinePowerX is based, are global leaders in the effort to introduce EVs with wireless charging, as evidenced by Hyundai Motor Corporation's public demonstrations of WiTricity wireless charging technology and automated valet concept video.

"Since our inception, FinePowerX has focused on wireless power transfer technology. With a license from WiTricity for the development and commercialization of a wireless EV charger, we're now taking that knowledge and research to the EV industry," said Dr. Byung-Duk Min, CEO, FinePowerX. "We look forward to becoming a top supplier in the global EV wireless charging market by generating an incredible level of synergy with WiTricity through our combined expertise and technologies."

For more information about WiTricity, visit www.WiTricity.com. For more information on FinePowerX, visit www.finepowerx.com.

WiTricity is the trailblazer in wireless charging for electric vehicles, leading the development and implementation of magnetic resonance technology across passenger and commercial vehicles alike. The company's technology is backed by an extensive patent portfolio and is the foundation for ratified global EV wireless charging standards including SAE, ISO and GB. Automakers and Tier 1 suppliers turn to WiTricity to help accelerate the adoption of EVs by eliminating the hassle of plug-in charging, setting the stage for future autonomy.

Founded in November 2018, FinePowerX is positioned as a leading company in wireless power transfer, which is the core of semiconductor Fab logistics automation systems, and is expanding its scope into the wireless charger market for electric vehicles. As a total solution provider in the realm of smart factories, FinePowerX's business categories include wireless power transfer, wireless chargers and motion and robot controllers and sensors.

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