UDC & Sumitomo Sign OLED Agreement

Universal Display Corporation (Universal Display, Nasdaq: OLED) and Sumitomo Chemical Company, Ltd. (Sumitomo Chemical) announced the signing of a new OLED Technology License Agreement.

Under the agreement, Universal Display has granted Sumitomo Chemical non-exclusive license rights, under various patents owned or controlled by Universal Display, to manufacture and sell solution-processed organic light emitting diode (OLED) lighting products. The agreement runs for the life of Universal Display’s relevant intellectual property rights.

“Leveraging the licensed technology, we will increase the luminous efficacy of our polymer OLED lighting panels,” said Toshihisa Deguchi, director & senior managing executive officer of Sumitomo Chemical who also serves as the head of polymer OLED business planning. “We will explore business opportunities in lighting applications that take our printed polymer OLED technology to the next generation lighting.”

“Our proprietary UniversalPHOLED® technology offers up to four times the efficiency of conventional OLED technology, a critical component for high-performing, energy-efficient solid-state lighting (SSL),” said Steven V. Abramson, President and Chief Executive Officer of Universal Display. “We are pleased to enter into this license agreement with Sumitomo Chemical, one of the early OLED developers, as the company broadens into the growing SSL market.”