Universal Display Signs OLED Technology License Agreement with Pioneer Corporation for Lighting

Universal Display Corporation announced that the company has entered into an OLED technology license agreement with Pioneer Corporation. Under the arrangement, Pioneer will be licensed to access and use Universal Display’s proprietary UniversalPHOLED phosphorescent and other OLED technologies and materials for the manufacture and sale of OLED lighting products.

“Having worked with Pioneer for a number of years to support their passive-matrix OLED display business, we are pleased to enter into this new business arrangement with Pioneer for their use of our proprietary UniversalPHOLED materials and technology in OLED lighting products,” said Steven V. Abramson, president and CEO of Universal Display. “With the extensive expertise and experience that Pioneer has developed in OLED manufacturing and product development, Pioneer is well positioned to become a strong player in the OLED lighting field.”

In 2003, Pioneer introduced the first OLED display product to use Universal Display’s phosphorescent OLED technology and materials. Based on this product launch, the companies, along with Nippon Steel Chemical Company (NSCC) and Tohoku Pioneer Corporation, were awarded the grand prize of the 10th annual Advanced Display of the Year (ADY) award, in the Display Materials and Components category, at the 2005 FINETECH JAPAN conference. Since then, Pioneer has developed and marketed a variety of passive-matrix OLED products for automotive, consumer electronics and other applications. Based on a strong foundation, Pioneer is now well prepared to take the next step into OLED lighting using Universal Display’s proprietary UniversalPHOLED technology and materials.

The new agreement grants Pioneer license rights under various patents and associated know-how owned or controlled by Universal Display for Pioneer to manufacture and sell OLED products for lighting applications. Pioneer will pay running royalties on its sales of these licensed products under the agreement. The term of the agreement continues until Pioneer sells a specified amount of licensed products. Universal Display separately agreed to sell to Pioneer certain phosphorescent OLED materials for use in manufacturing licensed OLED lighting products.