(Dublin, Ireland)

– Magnetic Solutions, a provider of process solutions for the production of magnetoelectronic devices, today announced its plans to commence the development of 300mm tooling for MRAM production and in that regard has the support of Enterprise Ireland for this significant R&D effort.

“We are determined to meet our customer’s requirements as they move from development to full production. This will enable us to meet critical milestones on our technology roadmap”, stated Dr. David Hurley C.E.O of Magnetic Solutions.

Mr. Alan Dixon, National Head of Industrial Development, seen here with Dr. David Hurley, C.E.O. and Mr. Eamonn Cullen, CTO during a recent visit to Magnetic Solutions. Enterprise Ireland is a shareholder in Magnetic Solutions alongside international venture capital and strategic investors such as ICC Venture Capital, International Investment & Underwriting (IIU), Intel Capital & NCB/Guinness Ulster Bank Equity Fund.

About Magnetic Solutions 

Magnetic Solutions, a privately held company based in Dublin, Ireland is a developer of process technology used in the manufacture of magneto-electronic devices such as MRAM, a non-volatile memory chip and GMR sensors used in data storage.  Leading semiconductor and data storage companies in the USA, EU, JAPAN and Korea uses its technology.

http://www.magnetic-solutions.com

About Enterprise Ireland (EI)

Enterprise Ireland is the national agency of the Irish government charged with assisting the development of Irish enterprise. It has invested €160 million in over 50 Irish companies. EI’s core mission is: ‘to work in partnership with client companies to develop a sustainable competitive advantage, leading to a significant increase in profitable sales, exports and employment’. Assisting client companies to build a competitive advantage in the global marketplace, EI has three strategic priorities namely technology innovation, business development and internationalisation. Through a network of 13 Irish offices and 33 international offices, EI supports its client companies globally.

http://www.enterprise-ireland.com/

About ICC Venture Capital

ICC Venture Capital (LSE: HBOS) is one of Ireland’s largest Venture Capital Groups with investments in a broad range of businesses in both traditional and hi-tech industries. It is owned by Bank of Scotland (Ireland Limited), part of Halifax Bank of Scotland (HBOS) one of Europe’s largest banks with assets of €500bn.

http://www.hbosplc.com/home/home.asp

About International Investment & Underwriting (IIU)

IIU is a private equity company with over €1 billion under management, based in the Irish International Financial Services Centre Dublin, Ireland.  IIU was founded by, and is owned by, Mr. Dermot Desmond, Ireland’s leading entrepreneur.  Mr. Desmond has been a major force for innovation in the Irish financial and investment markets and he and IIU have established a strong reputation as innovative and successful investors with four areas of investment being concentrated on – technology, transportation, leisure and strategic holdings in quoted companies.

About Intel Capital

Intel Capital, Intel’s (NASDAQ: INTC) strategic investment program, focuses on making equity investments and acquisitions to grow the Internet economy in support of Intel’s strategic interests. Intel Capital invests in hardware, software, and service companies in several market segments, including computing, networking and wireless communications. For more information, visit

http://www.intel.com.capital

About NCB/GUB Equity Fund

The Guinness Ireland Ulster Bank Equity Fund was established by the Guinness Ireland Group, Ulster Bank, Enterprise Ireland and the European Investment Fund an investment arm of the EU Commission.  The Fund is managed by NCB Ventures, the venture capital arm of NCB and invests in high growth companies.

http://www.ncbdirect.com/ncb.html