This company is leading the charge in the wireless power revolution.

The accumulation of power has always been the driving force behind all great human advancement. If that seems a bit hyperbolic than consider the amount of energy people expend roaming airports looking for an outlet to recharge their phones and laptops.

Well, put away your cords and open up your portfolio because wireless power is coming your way. It’s not necessarily a new idea; Nikola Tesla was deemed both a genius and madman in 1905 for his attempts to transmit power without wires.

While the large distances remain a challenge wireless power transfers (WPT) is now a reality and stands to become next revolutionary technology.

Integrated Device Technology (IDTI) might be the best way to play this burgeoning technology. Shares have been a steady trend higher, gaining some 65% to $18.50 a share over the past year.

As the market expands and with several catalysts on the horizon could easily add another 50% over in coming months.

Expanding Applications

WPT has already emerged as a solution for some basic recharging needs. Simply place your phone or other household electronic device in the vicinity of a WPT port, known as a “powermat,” and the need to remember to plug your phone in becomes a thing of the past.

But the real growth will come from the creation of wireless hotspots such as airports and other public/private spaces.   IDTI already has a deal with Kube Systems, a leader in the hospitality industry, for installing wireless charging stations in select Marriott Hotels (MAR) in the U.S. The charging cubes serve as the latest proof point of the growing adoption of wireless power in a variety of applications.

As the technology improves and the distance a hot spot covers expands the rollout should accelerate. It will likely include shopping mall, cars or even embedded in everyday household furniture to the point where “power in the air” is ubiquitous.

According to market research firm IHS, the number of WPT devices is expected to rise to 1.7 billion units in 2023 from roughly five million in 2012. Oppenheimer’s analysts figure revenues from WFT devices to increase 45% annually may top $7 billion by 2017. IDTI is well positioned to benefit from this growth.

Partners & Catalysts

This is obvious a long term thesis but there are several items that could provide a catalyst for significant share price gains over the next few months.

IDTI recently announced partnerships with Intel (INTC) for development of faster wireless charging of multiple devices simultaneously and through chargers built into objects such as tabletops.

IDTI provides the technology Duracell uses in their powermats. Duracell has partnered with Starbucks (SBUX) and Madison Square Garden among others for wireless power installation. It’s worth noting Duracell was recently acquired by Warren Buffet’s Berkshire Hathaway from Procter & Gamble which should free it to more aggressively pursue more cutting edge technology.

While there are no promises the upcoming Consumer Electronics Show, held in Las Vegas in January, is expected to feature several high profile developments in the wireless power category.

Integrated Device Technology is already a profitable and is expected to earn $0.80 a share on $545 million in revenue in 2014 for a not unreasonable 45x forward p/e.

The Trade:

Given the fairly long term outlook I want to use long term or LEAP options. I’m buying calls that expire in January 2016.

-Buy January 2016 LEAPs $17 calls for $4.10 a contract.

In buying a long term call option that is $2.50 in-the-money we give time for our thesis to play out, minimize the impact of time decay and get the leverage of options with a limited and defined risk.