EDEN PRAIRIE, Minn.—December 3, 2007—NVE Corporation (Nasdaq: NVEC) announced today that its founder, James M. Daughton, Ph.D., has been named a 2008 co-recipient of the prestigious IEEE Daniel E. Noble Award.

The award is sponsored by the Motorola Foundation and presented by the IEEE, which is considered the world's leading professional association for the advancement of technology. According to the IEEE, the award is "for fundamental contributions to the development of magnetoresistance devices for non-volatile, high density, random access memory."

Magnetoresistive random access memory (MRAM) is an integrated-circuit memory which is fabricated with nanotechnology and uses electron spin to store data. It may have the potential to combine many of the best attributes of different types of semiconductor memories.

Daughton founded NVE in 1989 and was Chairman and CEO for most of its history. From 2001 until 2006 he was the company's Chief Technology Officer. Daughton has published approximately 80 papers and been granted approximately 40 U.S. patents. His inventions are at the heart of NVE's technology portfolio.

Much of Daughton's MRAM work has been in collaboration with Arthur V. Pohm, Ph.D., an Emeritus Professor of Electrical and Computer Engineering at Iowa State University and longtime NVE employee. Daughton and Pohm's recent inventions relate to next-generation MRAM technologies including magneto-thermal MRAM and spin-momentum transfer MRAM.

Magnetothermal MRAM uses a combination of ultra-fast magnetic fields and heat pulses, both from electrical current. Spin-momentum transfer is a method of changing the spin of storage electrons directly with an electrical current rather than an induced magnetic field. Both technologies may have the potential to reduce the energy required to write data and allow reducing memory cell size while maintaining thermal stability.

Before founding NVE, Daughton spent more than 15 years at Honeywell Inc. where he was a vice president of research and development. Before that, he spent ten years at IBM working on magnetic and semiconductor memory devices. He received B.S., M.S., and Ph.D. degrees in Electrical Engineering from Iowa State University. He has served as an adjunct professor of physics at the University of Minnesota and on the Industrial Advisory Board for the Center for Nanoscale Systems at Cornell University.

Daughton has received a number of other awards including being named an IEEE Magnetics Society Distinguished Lecturer in 1994 and an IEEE Fellow for "pioneering work on commercial magnetic field sensors and memories using giant magnetoresistance materials" in 1996. He received the Minnesota Tekne Award for Innovation in 2004.

The Daniel E. Noble Award presentation is scheduled for September 2008. Co-recipients are Saied Tehrani of Freescale, Inc. and Stuart Parkin of IBM.

Links to information on the award can be found on NVE's Website.

NVE is a leader in the practical commercialization of spintronics, a nanotechnology that many experts believe represents the next generation of microelectronics. NVE licenses its MRAM intellectual property and sells spintronic products, including sensors and couplers, to revolutionize data sensing and transmission.

Statements used in this press release that relate to future plans, events, or performance are forward-looking statements that are subject to certain risks and uncertainties including, among others, such factors as risks related to MRAM commercialization, risks in the enforcement of our patents as well as the risk factors listed from time to time in its filings with the SEC, including NVE Corporation's Annual Report on Form 10-K and other reports filed with the SEC.

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