EWING, N.J.--(BUSINESS WIRE)--Universal Display Corporation (NASDAQ: PANL), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced that the company was honored by the U.S. Department of Energy (DOE) in recognition of its significant achievements in Solid-State Lighting R&D during the year. Universal Display received the award during ‘Transformations in Lighting,’ the DOE’s annual Solid-State Lighting Workshop, held February 1-3, 2011 in San Diego, CA. As one of only four companies to receive an award, Universal Display was honored for its advances in white OLED lighting performance using its high-efficiency PHOLED technology and materials. This is the fourth consecutive year that the company has been honored with this DOE award.
“The U.S. Department of Energy is very pleased with Universal Display’s continued advances toward the demonstration of white OLED lighting with commercially-viable performance,” said Dr. James Brodrick, Lighting Program Manager, U.S. Department of Energy. “Through programs like these, Universal Display is among the innovative companies that are helping to accelerate the commercialization of white OLEDs for solid-state lighting.” Dr. Brodrick presented the award to Dr. Mike Hack, who accepted it on behalf of the entire team at Universal Display.
“Universal Display is proud to be honored by the U.S. Department of Energy for its achievements in white OLED lighting development and success in meeting DOE goals for solid-state lighting using the company’s UniversalPHOLED technology and materials,” stated Steven V. Abramson, President and Chief Executive Officer of Universal Display. “DOE’s support has spurred continued innovation that is critical for the demonstration of white OLEDs with commercial performance that can help reduce the energy consumption associated with white lighting.”
The DOE award was specifically made in recognition of the advances achieved in several DOE-funded programs in 2010. Universal Display, along with project partners Armstrong World Industries, the University of Michigan and the University of Southern California, successfully demonstrated two phosphorescent OLED luminaire systems, the first of their kind in the U.S. This achievement marked a critical step in the development of practical OLED lighting in a complete luminaire system, including decorative housing, power supply, mounting, and maintenance provisions. With system efficacy of 51 lm/W, the prototypical OLED lighting system can snap into Armstrong's TechZone™ Ceiling System. In another DOE program, Universal Display demonstrated a key milestone of 66 lm/W at a luminance of 1,000 cd/m2, which is believed to be a world-record achievement, for a 15 cm2 phosphorescent white OLED lighting panel.
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.
Universal Display is the recognized leader in phosphorescent OLED technology and materials. With a comprehensive patent portfolio and technical expertise that covers these and other OLED technologies worldwide, Universal Display licenses its state-of-the-art OLED technologies, sells its proprietary UniversalPHOLED materials, and provides customized technology development and transfer services to serve the specific needs of its OLED display and lighting customers.
To see how Universal Display is changing the face of the display and lighting industries, please visit the Company at www.universaldisplay.com.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: PANL) is a leader in developing and delivering state-of-the-art, organic light emitting device (OLED) technologies, materials and services to the display and lighting industries. Founded in 1994, the company currently owns or has exclusive, co-exclusive or sole license rights with respect to more than 1,000 issued and pending patents worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology, that can enable the development of low power and eco-friendly displays and white lighting. The company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training.
Based in Ewing, New Jersey, Universal Display works and partners with a network of world-class organizations, including Princeton University, the University of Southern California, the University of Michigan, and PPG Industries, Inc. The company has also established relationships with companies such as AU Optronics Corporation, Chimei Innolux Corporation, DuPont Displays, Inc., Konica Minolta Technology Center, Inc., LG Display Co., Ltd., Moser Baer Technologies Inc., Samsung Mobile Display Co, Ltd., Seiko Epson Corporation, Sony Corporation, Showa Denko K.K., and Tohoku Pioneer Corporation. To learn more about Universal Display, please visit www.universaldisplay.com.
Universal Display Corporation and the Universal Display logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
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, 2009. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.