The companies said they would use the spin momentum transfer effect in order to shrink memory cells beyond what is possible with current approaches.

They aim to create a high-density, high-capacity MRAM chip that can be used as standalone memory or embedded into other integrated circuits.

MRAM’s advantages over competing memory technologies including low power usage, high speed, unlimited read and write cycles and the ability to retain data without the need for continued power, according to IBM.

So far, the market has not adopted the technology because it has been too expensive at high capacity. However, IBM claims spin momentum transfer technology enables it to be reduce cell size and increase capacity at low cost, while maintaining MRAM’s non-volatility, lower power and endurance advantages.

The company said MRAM could potentially become a preferred memory technology for automotive, cell phone, handheld computing and industrial controls applications.

The research work will be conducted at IBM research centers in New York, California and Virginia and TDK’s subsidiary R&D Center in California.