Universal Display Corporation, enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced a collaboration and evaluation agreement with Philips Technologie GmbH, Business Center OLED Lighting. Under this agreement, Universal Display will begin supplying Philips with its highly efficient phosphorescent OLED (PHOLED) materials for solid-state lighting applications.

“We are delighted to announce this partnership with Philips, a global market leader in the lighting industry, to sample our PHOLED materials”

“We are delighted to announce this partnership with Philips, a global market leader in the lighting industry, to sample our PHOLED materials,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display. “As demonstrated through the years, our PHOLED technology has the potential to maximize energy efficiency and contribute to high performance lighting devices.”

According to NanoMarkets, the OLED lighting business may exceed $2 billion in revenues by 2020. OLED lighting offers manufacturers a low-cost lighting solution and the potential for extremely thin, lightweight and highly energy efficient lighting products. OLEDs can be manufactured on both flexible and rigid substrates, and advances in manufacturing processes could add more value in the supply chain.