Toshiba and Hynix announced on July 13, 2011 that the two companies will jointly develop STT-MRAM (Spin-Transfer Torque Magnetoresistance Random Access Memory) technology for use in mobile devices, such as Smartphones, according to Reuters. The memory technology uses magnetic properties to store data, and it requires less power consumption than devices using traditional electrical circuitry. When the technology is successfully developed, Toshiba and Hynix are projected to form a MRAM production joint venture. Through the collaboration with Hynix, it is reported that Toshiba plans to make MRAM commercially available by 2014. Financial details of the investment are not yet disclosed.