Korea-based memory chip maker Hynix Semiconductor announced on April 22 that the company has signed a memorandum of understanding with Taiwanese Phison Electronics to form an alliance for NAND flash memory business, Dow Jones reported. Under the strategic alliance, Hynix will spend approximately 11 billion Won (US$11.0 million; US$1=996.4 Won) for a stake in Phison, which specializes in NAND flash controller IC design, so as to consolidate the two companies' tie-up. Both parties also agreed to collaborate on the development of new NAND technologies.