Taiwan's United Microelectronics Corp, the world's number two contract chip maker, and Japan's Elpida Memory said Monday they will develop cutting-edge 3D technologies together.

Powertech Technology Inc, a Taiwanese company providing testing services, is also joining the project, the three companies said in a statement.

The move comes as electronics firms move to cash in on the popularity of 3D technology, which includes televisions and computers.

The cooperation will focus on technologies that "can massively increase the data transfer rate and reduce power consumption, making possible completely new kinds of high-performance devices", according to the statement.

The three companies did not say how much the project was expected to cost.