An Auckland company which developed wireless charging systems for electric vehicles has been sold to a US mobile technology firm.
HaloIPT was spun out of Auckland University's commercialisation company Auckland UniServices.
It has developed a technology which wirelessly charges electric cars, trucks or scooters as they are parked on or drive over special charging pads.
The company's assets and technology has been bought by the Nasdaq-listed Qualcomm for an undisclosed amount and its staff will join Qualcomm's development group based in the UK.
Qualcomm has been investing in wireless power for a few years and says the acquisition of the world-leading charging developer will strengthen its portfolio.
Auckland UniServices' chief executive Peter Lee can't put a price on the deal, but says it is very significant.
He says HaloIPT has retained ownership of the intellectual property.
Mr Lee says Qualcomm won't be manufacturing the devices, but creating a global standard which can then be used by their licensees to produce devices for a global market.
He says this sets up the opportunity for local companies and industries to participate in their manufacturing.