Company’s White OLED Lighting Advances Honored During the DOE’s
Annual Solid-State Lighting Workshop
EWING, N.J.--(BUSINESS WIRE)--Universal Display Corporation (NASDAQ:PANL), an innovator behind today’s
and tomorrow’s displays and lighting through its UniversalPHOLED™
phosphorescent OLED technology, today announced that the company was
honored by the U.S. Department of Energy (DOE) for its research advances
in white OLED lighting performance. With the support of the DOE,
Universal Display has been working on developing highly-efficient white
OLEDs for use in myriad lighting applications. Universal Display was
recognized during ‘Transformations in Lighting’, the DOE’s annual
Solid-State Lighting Workshop, held February 3-5 in San Francisco, CA.
“The DOE’s support of our ongoing research has been very important in
helping us to drive advances in white OLED lighting performance. We are
appreciative of the DOE’s support and proud of the hard work and
ingenuity demonstrated by our team”
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Dr. James Brodrick, DOE Lighting Program Manager, recognized Universal
Display’s achievement in setting efficiency records for white OLED
lighting. Dr. Michael Hack of Universal Display also spoke about recent
advances and Universal Display’s development of white OLED lighting in a
presentation titled “Pushing the Envelope for White OLED
Efficiencies.” In particular, Dr. Hack highlighted Universal
Display’s 2008 demonstration of a white OLED light source with record
luminous efficiency of 102 lumens per Watt (lm/W), a significant leap
forward in OLED efficiency. That milestone placed OLED development well
on the way to achieving the DOE’s target of a 150 lm/W OLED lighting
device by 2015.
“The DOE’s support of our ongoing research has been very important in
helping us to drive advances in white OLED lighting performance. We are
appreciative of the DOE’s support and proud of the hard work and
ingenuity demonstrated by our team,” said Steven V. Abramson, President
and Chief Executive Officer of Universal Display. “Through this work, we
continue to leverage the energy-efficiency of our UniversalPHOLED™
phosphorescent OLED technology to demonstrate white OLED performance
with the potential for commercial OLED lighting products in the
foreseeable future.”
“The U.S. Department of Energy is pleased to recognize Universal Display
for their breakthrough achievements in 2008,” noted James Brodrick,
Lighting Program Manager, U.S. Department of Energy. “The Department
will continue to work with Universal Display and other lighting research
partners who believe that solid-state lighting solutions using organic
light emitting diodes have the potential to play a key role in providing
cost-effective, energy-saving alternatives for general lighting
applications.”
The DOE has made a long-term commitment to advance the development and
market the introduction of energy-efficient white lighting sources for
general illumination. According to industry estimates, electric bills
for lighting alone are over $200 billion per year on a worldwide basis.
It has been estimated that by 2016, white OLEDs could generate well over
$20 billion in worldwide savings of electricity costs and could save
over nine million metric tons of carbon emissions from the U.S. alone.
Today, Universal Display’s proprietary PHOLED technology and materials
are in commercial use for the production of low power consumption OLED
displays for a variety of portable electronics applications. In these
products, and emerging OLED applications such as televisions, PHOLEDs
provide excellent performance characteristics that translate into energy
savings, environmental benefits and cost effectiveness. Similar benefits
can be derived from the use of OLEDs for lighting.
To see how Universal Display Corporation is changing the face of the
display industry, please visit the Company at www.universaldisplay.com.
About Universal Display Corporation
Universal Display Corporation is a world leader in developing and
commercializing innovative OLED technologies and materials for use in
flat panel displays, solid-state lighting products, electronic
communications and other opto-electronic devices. Universal Display is
working with a network of world-class organizations, including Princeton
University, the University of Southern California, the University of
Michigan, and PPG Industries, Inc. Universal Display currently owns or
has exclusive, co-exclusive or sole license rights with respect to more
than 850 issued and pending patents worldwide.
Universal Display is located in the Princeton Crossroads Corporate
Center in Ewing, New Jersey. The Company’s state-of-the-art facility is
designed to further technology and materials development, technology
transfer to manufacturing partners and work with customers to develop
OLED products that meet their needs. Visit Universal Display on the Web
at www.universaldisplay.com.
All statements in this document that are not historical, such as
those relating to Universal Display Corporation’s technologies and
potential applications of those technologies, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. You are cautioned not to place undue reliance on any
forward-looking statements in this document, as they reflect Universal
Display Corporation’s current views with respect to future events and
are subject to risks and uncertainties that could cause actual results
to differ materially from those contemplated. These risks and
uncertainties are discussed in greater detail in Universal Display
Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the
Securities and Exchange Commission, including, in particular, the
section entitled “Risk Factors” in Universal Display Corporation’s
annual report on Form 10-K for the year ended December 31, 2007.
Universal Display Corporation disclaims any obligation to update any
forward-looking statement contained in this document.
Contacts
Universal Display Corporation
Dean Ledger, 800-599-4426
or
Gregory
FCA Communications
Investor contact:
Paul Johnson,
610-228-2113
paul@gregoryfca.com
or
Media
contact:
Matt McLoughlin, 610-228-2123
matt@gregoryfca.com