Universal Display, a provider of energy-effective lighting and displays based on UniversalPHOLED materials and technology, has signed a technology license contract with Panasonic Idemitsu OLED Lighting (PIOL), which is a partnership between Idemitsu Kosan and Panasonic Electric Works.
According to the contract, PIOL will be authorized to combine proprietary UniversalPHOLED phosphorescent with other OLED materials and technologies of Universal Display to produce OLED lighting devices.
As per the license contract, Universal Display has provided authorization based on numerous patents and related know-how controlled or owned by Universal Display for PIOL to produce and market OLED components for lighting applications. The companies have also entered into another material supply contract. Both the contracts end on July 31, 2014.
OLEDs are viewed as a promising solution for achieving highly energy-effective, design-friendly and eco-friendly lighting solutions. Universal Display’s phosphorescent OLED materials and technology have been proved to provide four times better power-efficiency when compared to other OLED technologies, thereby achieving energy-effective OLEDs. Improvements in OLED lighting like those showcased by Universal Display, enables OLEDs to satisfy a range of specific lighting performance targets and prove that OLEDs can achieve general lighting standards set by the Department of Energy, US. It is believed that by 2016, OLEDs can achieve more than $20 billion in global electricity costs savings and would save more than nine million metric tons of carbon discharge from the U.S. alone.