Feb 20 2015
Universal Display Corporation, enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, and OLEDWorks LLC, the leading U.S. OLED light engine and panel manufacturing company, today announced the signing of a new OLED Technology License Agreement.
Under the agreement, Universal Display has granted OLEDWorks non-exclusive license rights, under various patents owned or controlled by Universal Display, to manufacture and sell phosphorescent OLED lighting products. In return, OLEDWorks will pay Universal Display an upfront license fee and running royalties on its sales of these licensed products. The agreement runs for the life of Universal Display’s intellectual property rights.
“We are confident that our partnership with Universal Display Corporation will help drive sustainable advancements in OLED performance and acceleration of OLED acceptance in the solid-state lighting industry. Combined with our innovative OLED panel production system, OLEDWorks is now singularly poised to deliver on OLED lighting’s unique value proposition,” said David DeJoy, Chief Executive Officer of OLEDWorks. “OLEDWorks is dedicated to developing technology partnerships that emphasize our commitment to producing affordable and innovative OLED lighting solutions which meet the needs of our customers.”
“We are pleased to forge a relationship with OLEDWorks, an entrepreneurial company leading the way to manufacture OLED lighting products in the United States,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display. “Instrumental to both OLEDWorks and UDC’s early stage efforts was the Department of Energy’s Solid State Lighting initiative, and we expect this new collaboration will help pave the way for expanding the U.S. OLED solid-state lighting ecosystem.”
OLED lighting offers manufacturers a potential low-cost solid-state lighting solution that can be extremely thin and lightweight. Universal Display is committed to enabling and further advancing the OLED industry with its proprietary energy-efficient OLED technology and phosphorescent materials. UDC’s PHOLED offers up to four times the efficiency of conventional OLED technology – a feature that is critical for high-performing, energy-efficient lighting. Through the use of UniversalPHOLED phosphorescent OLED technology, OLED lighting should reduce energy consumption and lower the amount of by-product heat, further reducing energy and environmental burdens.