Universal Display Corporation and Kaneka Corporation announced the signing of a new OLED Technology License Agreement. Under the agreement, Universal Display has granted Kaneka license rights, under various patents owned or controlled by Universal Display, to manufacture and sell phosphorescent OLED lighting products. According to the International Energy Agency, lighting represents almost 20% of global electricity consumption.

OLED lighting offers manufacturers a low-cost lighting solution and the potential for extremely thin, lightweight and highly energy efficient lighting products. Universal Display's phosphorescent OLED technology and materials have the potential to maximize energy efficiency in lighting applications.